WASHINGTON-CUNA Mutual announced last week it is partnering with Fiserv to make mobile lending technology available to credit unions.
The two companies announced their intention to bring mobile lending to smart phones last week during CUNA's Government Affairs Conference in Washington.
As many as 350 credit unions will participate in the pilot phase of the program for users of Fiserv's Portico account processing that will integrate with CUNA Mutual's Smart phone loan technology, powered by loanliner.com.
The Portico credit union customers of Fiserv will have access to enhanced mobile lending capabilities that include pre-fill of their member data and faster decision-making. When they log on to the loan applications from the smart phone they will be connected to CUNA Mutual's loanliner.com mobile technology.
CUNA Mutual's and Fiserv's software will interface with Fiserv's Access Advantage services to obtain member data, pull the credit bureau report, and evaluate the data against each credit union's underwriting standards.
The loanliner.com smart phone technology will use the underwriting response to return a response to the member/applicant in seconds. From there, the loan application will be sent to Fiserv's Loanconcierge system for finalization, document preparation, booking and funding.
