How 1 $21 Million CU Is Delivering Online Loan Apps
It doesn't take a billion dollars in assets or a talented tech staff to deliver automated loan processing-
The $21.6-million HCFCU sends instant decisions and clicks through a web-based home equity and consumer loan
"Internally, the best thing about the loan origination system is that I didn't need to deploy another server, maintain
Health Care Family has used the platform for one year, according to Stephens.
Additionally, Lending Platform allows the 7,000-member CU to broaden its reach. "If you have a PC and a browser,
Health Care Family frequently sets up shop at SEGs, such as nursing homes and hospitals. SEG employees can then
Application data entered online is automatically integrated into the loan system. That made Lending Platform an
Training was a cinch-the four-person lending department learned how to use the system by telephone in two one-
The Lending Platform implementation came at less than 25 % of those quotes, he said.
The system beats Health Care Family's previous DOS- and Dot Matrix-based loan origination platform, according to
"We were completing our home equity documents with a typewriter," he continued. "With Dot Matrix, we'd try to
The browser-based, laser printer environment was another hit with employees, Stephens said. "Employees dumped
Stephens said that customization is not part of the Lending Platform package. "What you give up with this system is
Of course, there are other considerations. Small credit unions will have to rethink bandwidth when pushing
"If you're still on dial-up, forget it," said Stephens. "The first consideration is to secure high-speed, stable
Loan officers can deliver documents electronically to members via a secure document viewer, which EDS added to
"Lending Platform is one of the better things that EDS has done," Stephens said.