LANCASTER, Penn.-Mortgage-bot "does it all" when it comes to the loan origination process, but it may take a while for some credit unions to profit from the capabilities.
Like many a technology rich in features, Mortgagebot demands that both employees and members be trained to use it, said Rich Bealor, VP-lending at the $115-million Mennonite Financial FCU here.
"The system is terrific, but we've been too slow in educating our employees and members," said Bealor. "We are growing, so staffing and remote branch locations make training an issue. We have also added other non-lending changes, and our staff is experiencing 'change overload.'"
Hence, Mennonite Financial FCU is seeing a 10% increase in online applications, even though PowerSite has been running for nearly two years, Bealor said.
"It's not a lot. We're definitely looking forward to having those online applications increase, but members still like the face-to-face interview for their large purchase decisions. There's value in giving our members a choice of the channel they wish to use."
