WASHINGTON, D.C. — The 56,000 members of Bank-Fund Staff Federal Credit Union can now get swift mortgage approvals by phone or over the Web or both.
The PowerSite solution from Mortgagebot LLC of Mequon, Wis., allows borrowers to complete an application and get pre-approvals and a full set of disclosures in 20 minutes or less, the company says. It says it serves more than 700 mortgage providers, including more than half of the nation's 200 largest credit unions.
The $2.3 billion CU also is using PowerSite tools in conjunction with CUMAnet's national mortgage center to take mortgage applications by phone in the 45 states beyond the credit union's immediate area of the District of Columbia, Maryland, Virginia, Delaware, Delaware and West Virginia.
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BFSFCU says its application-to-close "pull-through" rate has climbed from 40% to 80% as a result of the ability to combine phone and Internet service.
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