LA CU On Fire When It Comes To Online Mortgage Apps
With more than 70% of its mortgage loan applications completed online, it's apparent that Los
This month, the $534-million CU rides the online lending wave even further by introducing instant decisioning,
"The goal of offering automated approvals is to improve efficiency," Benoun said.
The 19,000-member CU now returns conditional approvals within minutes on qualified applications submitted via its
LAFCU's online applications are a major contributor to the overall success of the mortgage program. Last year, the
Instant decisioning is only the icing. Members are attracted to the three-year old online mortgage program because it
Approximately 30% of LAFCU's members use Fire Online, the CU's homebanking service, according to Dixie
And nearly half of LAFCU's homebanking members use bill pay.
"Our website and homebanking service are very successful," Benoun said.
LAFCU's online culture has developed from bill pay that is free to members, frequent online member surveys with
Even though targeted marketing hasn't been necessary to promote loans online, LAFCU keeps its online mortgage
Members can choose from two applications online. A short form is available to members who have borrowed from
"It's important to recognize these members" with an easy-to-complete application, she added.
Other members complete a standard 1003 application. In addition, the CU personalizes the process by immediately
"We type the members' names into the e-mail, tell them 'good morning,' and let them know we've received their
"Applying for a real estate loan can be intimidating," Benoun added. "Applying via the Internet could add to the
LAFCU is aiming to e-mail periodic updates of a member's loan status, a service provided through Pleasanton,
Online, LAFCU consistently updates all related information.