St. Mary's Bank Opens New Mortgage Center, Cuts Processing Time

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St. Mary's Bank has opened a mortgage center. "Consumers can apply for a mortgage in minutes using the method that works best for them, whether it's online, by phone or in person at any of St. Mary's branches," the credit union said. "In most cases, applicants receive approval in less than two minutes." The credit union, which was the nation's first, said it has spent the past two years retooling its infrastructure to support mortgage delivery by improving internal processes and investing in technology to deliver consumers instant decisions. "For example, after receiving instant approval online, applicants can print out an approval document to bring directly to their broker," the credit union said, noting that last year it formed its own title company, St. Mary's Title Services, to control more of the mortgage process and provide more value to consumers. St. Mary's said it has taken 15 days off the closing process.

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