Sharonview Federal Credit Union here is set to accelerate its lending operations this month by using the customization techniques offered by IA Systems, Inc.'s Streamland Velocity loan origination software.
Sharonview FCU was among more than a dozen new IA Systems' clients in 2005 and told The Credit Union Journal that Velocity's flexibility allows CU staff to treat each member as unique versus a one-size-fits-all approach of other loan software. Of particular note are credit card applications that don't need the amount of scrutiny required of other loans, such as auto loans or mortgages.
"It allows you to customize and cut out the junk you don't need," Sharonview Loan Operations Manager Casey Munn said. "It's a one-click loan."
Munn said using a template approach to loan software would require CU staff to go through the same motions on every type of loan. Velocity has reduced wait-time for loans, allowed staff to input data only once at the start of the loan process and centralized all Sharonview loans.
Munn said he used test data for a credit card application and completed the process in only 60 seconds, but still has the necessary entries for large-scale loans and mortgages.
"When you're talking about half a million dollars, we're going to ask a lot of questions. If you only need $30,000, we can make that happen very quickly," he said.
Munn said Velocity's customization ability allows credit unions to control exactly how long any loan process takes and also includes functions that enforces data accuracy. For example, Munn said if an employee inputs an incorrect postal zip code, Velocity will kick the application back to the user for correction. Munn said $765-million Sharonview FCU used 2005 as a test year and will train 80 employees and loan officers on Velocity in March. Munn said he's expecting a "wow experience" for Sharonview's 53,000 members.
IA Systems Chief Technology Officer David Van Pelt said Velocity's flexibility allows CUs that chance to provide each member with an individual experience during their loan application by providing different interactions for different members. Van Pelt said the goal of the streamlined technology was to quickly close an application in one sitting before members lose interest.
"If they can walk out the door with the money, then they can go to the car dealership," he said. "The name of the product says it all."
Van Pelt said Velocity is priced on a software license model with no set-up fee. Fees are charged per transaction and CUs can get the system running quickly, he said.
