LIMA, Ohio-Superior FCU automated is mortgage loan processing and now the $370-million CU claims 25% share of its local mortgage market.
According to Michelle Snyder, VP mortgage department, automation is the only way to keep pace with the increasing consumer mortgage loan demand. She said that big chunk of the marketshare is due to steps taken to make the loan application process more convenient for staff-more than doubling daily output-and giving the loan team the ability to better serve referral sources who keep sending Superior loans.
"In the mortgage business you need speed," said Snyder. "You will not make it now without it. Speedy apps, decisions, and closings have allowed us to grow marketshare. Our referral partners-the real estate agents and builders-get answers quickly, and they like that, so the business they send us keeps increasing. We also get business from simply word of mouth."
The CU uses Mortgagebot's PowerSite online system that fully integrates with Superior's loan origination system. Snyder said the elimination of paperwork and re-keying data reduces errors and ensures apps conform to Fannie and Freddie standards, since PowerSite links to the CU's underwriting system.
"We are closing loans in about 30 days now, and we have taken more than 1,000 applications this year through early March. It's pretty crazy out there. When things are not as hectic we're turning loans around in 15 to 30 days. Our process also sends information electronically to an appraisal coordinator, so there is no delay there."
The credit union, too, has learned that many members prefer completing the application online. Now the loan team outlines loan details and lets members know they can complete the app online at their convenience. "Many members seem to prefer this now," said Snyder. "That has freed up our loan officers quite a bit."
Multiple Channels, One Site
Loans that come in from all channels-branch, online, fax, and phone-are all funneled through PowerSite. "It has helped us do more with less," noted Snyder. "Throughout this increase in mortgage demand we have been able to maintain our current staff and not hire."
Superior has seven mortgage loan originators, four mortgage loan processors, and one closer.
Matt Cotter, SVP of sales and marketing for Mortgagebot, said it is "impressive" how Superior-with less than $400 million in assets-has grabbed such a big share of the local market. "They have deployed PowerSite through a lot of different channels, which has made a great deal of difference."
Saying that costs vary based on institution size and usage, Kotter said one extra loan per month should cover the cost of the system.
For info: www.mortgagebot.com
