MEQUON, Wis. (12/19/07)--Bank-Fund Staff FCU (BFSFCU) in Washington, D.C. provides members with same-day loan approvals and has reduced its mortgage application process to less than 20 minutes with a new loan origination solution. The Web-based solution, PowerSite, is from Mortgagebot LLC in Mequon, Wis. PowerSite allows lenders to accept mortgage applications online, through a credit union branch, or from a loan officer’s computer. Borrowers can complete a mortgage application, and receive pre-approval and a full set of disclosures within 20 minutes. With PowerSite, BFSFCU’s online application-to-close “pull through” rate has jumped to 80% from 40%, according to the credit union. Prior to deploying PowerSite, the credit union identified several items in its loan process that needed improvement:
* A two-to-three-day approval cycle; * A basic form for loan approval that did not collect enough data to serve as a complete loan application; * The lack of a point-of-sale system for mortgage applications completed over the phone; and * Paper-based applications requiring data entry.
“Our goal was to keep up with member demand for mortgages. We had to provide more timely service,” said Candy Akinyode, BFSFCU mortgage outsourcing supervisor. BFSFCU also implemented PowerSite Pro for loan officers, which allows them to accept mortgage applications where Internet access is available. The credit union also implemented the PowerSite call center in August, partnering with the Credit Union Mortgage Alliance Network (CUMAnet), a PowerSite client. Under the agreement, BFSFCU will use PowerSite to originate, process, and close loans in the District of Columbia, Maryland, Delaware, Virginia and West Virginia. CUMAnet also will act as BFSFCU’s outsourced national mortgage center, taking applications by phone for 45 other states. BFSFCU has $2.2 billion in assets.