CUNA Mutual Group and APPRO Systems, Inc., said they have reached an agreement to form a new company to supply lending call center services for the credit union marketplace. The company will combine CUNA Mutual's LOANLINER forms and loanliner.com with APPRO's loan origination system and LoanLink, its Dallas-based lending center.
The new company will operate under the LoanLink name until a new name is selected. CUNA Mutual had been partnering with iCU Now, a Dallas-based lending call center, but plans to move credit unions using iCU Now to the new company. The overall form of that new company will be announced soon, according to CUNA Mutual VP- Consumer Lending products Mike Armstrong.
According to Armstrong, "Processes and credit union needs will drive development, but we do know that we will open up ownership to leagues and credit unions. We want to develop a credit union-industry-owned lending call center."
In December 2001, CUNA Mutual and APPRO reached a loan-servicing agreement. Through the agreement, the two companies began to market and distribute CUNA Mutual's LOANLINER and loanliner.com with APPRO's LoanCenter loan origination system and APPRO's decision tool.
According to CUNA Mutual, 18% of all credit union loans were originated through the Internet last year and that number is projected to increase through 2005.
For info: www.cunamutual.com or www.approsystems.com.
