CMG's LoanLink Center Turns One

MADISON, Wis. – One year after opening, CUNA Mutual Group’s LoanLink Center is celebrating hitting several milestones concerning loan application and dollar volume. The LoanLink Center, a credit union-owned lending call center that provides 24/7 lending support was formed in October 2002 by CMG and APPRO Systems Inc., a leading provider of automated credit risk management and financial technologies. Thirty credit union leagues currently own shares in the call center, but a credit union does not have to be league affiliated to use LoanLink center. CMG says most of the 265 credit unions LoanLink approved loans for in the past year were league-affiliated. Among the milestones the call center hit during its first year of operations were receiving nearly 293,000 new loan applications and approving almost $890 million in new credit union loans.. * The average loan amount has been $15,000. * The LoanLink Center has kept track of the traffic flow of calls it’s received over the past 12 months. Operationally it received an average of: * 1,700 incoming telephone calls per business day from 8 a.m. to 5 p.m.; * 560 Internet loan applications during the same business day hours; * 1,850 telephone calls during the weekend; `* 550 Internet loan applications during weekend hours; * 230 Internet loan applications during a typical workday, after regular business hours. LoanLink Center Vice President Mike Armstrong said the call center “is an attractive option because it captures loans credit unions may otherwise lose to competitors.” It also affords cross-selling opportunities to members, so credit unions benefit from additional sources of revenue such as the sale of protections solutions like credit life and disability insurance, mechanical repair coverage, and Guaranteed Asset Protection (GAP) In its first year of operation, Armstrong said 34% of LoanLink borrowers purchased credit insurance protection options. Members also purchased $8.2 million worth o GAP and $1 million worth of mechanical repair coverage on their vehicles through the LoanLink Center. [email protected]