Affinity Chops Steps From E-Mortgage Process

Affinity Federal Credit Union said it has launched an improved online mortgage application with instant response. The improved application can be found on the Real Estate Center section at www.affinityfcu.org and is being offered through the Credit Union Mortgage Alliance (CUMAnet, LLC), a CUSO that serves more than 50 credit unions.

According to the credit union, the primary difference between the previous online mortgage application and the improved version is the instant decision feature. Members will receive a decision on their mortgage applications within minutes of applying. The decision, however, will be subject to verification of the information provided online.

"Our focus is to use Internet technology to make transactions as easy as possible for our members, so we can spend quality time with them to better understand their needs," said Mark Cochran, EVP/COO with AFCU. "The application prompts only those questions related to the member's application, so members aren't required to answer questions unrelated to their personal goals," the credit union stated. "The most impressive component of the system is its ability to accurately adapt its closing cost estimates to different areas of the country. Other features include calculators, the ability to reduce cycle time, and rate notification, by which members are notified of rate changes by e-mail as frequently as daily.

AFCU said that an additional byproduct of the online app and instant approval should be a substantial reduction in the number of "status calls" from members to Affinity's mortgage representatives.

The improved online application is being offered through the Credit Union Mortgage Alliance, a CUSO that serves more than 50 CUs providing residential mortgage and home equity products. CUMAnet will initially offer the Internet-based technology to its largest client credit unions and expand it to others early next year.