WOBURN, Mass. — Three more credit unions have joined the network of institutions using MortgageClick's technology and support services to expand their in-house mortgage-lending operations, said the company's COO Dan Hanlon.
The three credit unions, Heartland, CU, Madison, Wis.; APL FCU, Laurel, Md.; and Wave FCU, Warwick, R.I.; signed on with MortgageClick after taking advantage of the company's offer to "test drive" its online loan origination program at no charge. Credit unions using MortgageClick's shared network gain access to the Prime Alliance toolbox of mortgage technology solutions, an origination-to-delivery loan processing system featuring Fannie Mae's Desktop Underwriter program.
"MortgageClick delivers the benefits of this state-of-the art technology to credit unions of all sizes, giving them the tools they need to expand their mortgage lending capacity and the option to service and sell loans on their own," said Hanlon.
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Robert Stevens, SVP of the $258 million-asset APL FCU, said the main appeal of the program was "how much it enables our members to do themselves." The ability of members to complete applications online reduces the need for preliminary appointments, freeing loan officers to focus on applicants who need more help and those who are further along in the process, Stevens said. Equally important, he noted, the program has increased APL's visibility in the mortgage arena. "The system makes it easy for members who are shopping for loans to compare our offerings with those of other lenders–this gives us a chip in the big game," he said.
Wave FCU has streamlined its loan approval process and expanded the menu of mortgages it can offer, said David Miller, vice president of lending for the $67 million-asset credit union. "We've traditionally held all the loans we originated in our portfolio, and we'll continue to do that," he added. "But now, if we have a customer who needs a mortgage we don't want to hold, we can still offer that loan, because it's been processed through Desktop Underwriter, so we know we'll be able to sell it."
Heartland CU now also offers a broader array of mortgage products to its members, owing to the automated processing system and the new comfort level of loan originators. "The ability to give members an answer on the spot makes our loan officers look smart to members and feel smart themselves," said Mary Eustice, real estate lending manager for the $142 million-asset CU. "This removes the fear factor around loans with which they may be less familiar, so they will recommend loan products they might not have suggested and accept applications they might otherwise have turned away."
The system is still new at Heartland and "there are a lot of features we haven't fully tapped yet," Eustice noted. "But I have really high hopes for the program."
Established four years ago, MortgageClick now serves more than 150 credit unions across the country. To date, the company's credit union clients have generated more than $4 billion in member loan applications through the Prime Alliance platform, said Hanlon.
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