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News & Analysis

Mortgagebot and CU Members Mortgage Team Up to Provide Custom Loan-Application Websites for Its Credit Unions

December 5, 2011, Monday, 16:00 GMT | 11:00 EST | 20:30 IST | 23:00 SGT
Contributed by Marketwire

Dec 05, 2011 MEQUON, WI ,MARKETWIRE

CU Members Mortgage and its more than 1,000 credit-union partners, which together originate more than $2 billion annually in residential mortgage loans, launched PowerSite(R), an integrated point-of-sale solution (IPOS) available from Mortgagebot(R) (www.mortgagebot.com) in October 2011 to strengthen their competitive advantage -- and have already seen improved lending results, including a conversion rate of 65 percent and an acceleration of loan processing through automation. In addition, CU Members' credit-union partners immediately gained the capability to work with members through an integrated multi-channel application.

Linda Clampitt, CU Members Mortgage's senior vice president, says providing its credit-union partners with state-of-the-art, dependable lending technology is critical. "The exceptionally challenging mortgage industry demands the right tools -- and just as fast as the industry changes so do the tools that help us compete," she says. "After completing our due diligence and evaluating our current application, we concluded that partnering with Mortgagebot was vital because it holds the expertise to help us stay ahead of the game as the industry changes."

Deploying PowerSite certainly gives the credit unions advantages in an industry replete with uncertainty. Its easy-to-use interface, coupled with error-free automation, helps credit unions increase value exponentially despite the industry's many variables. Mortgagebot President and CEO Scott Happ says, "We are pleased to support CU Members Mortgage through PowerSite and have anticipated the strong results its credit-union partners have already seen. Our advanced technology has enabled many credit unions of varying sizes to convert more loans and manage the process with greater efficiency."

Flexible Technology Offers a Branded Website to Every Credit Union

PowerSite's flexibility allows each credit-union partner to present a customized online mortgage application that precisely matches the unique look-and-feel, or brand, of the institution's corporate website. "Our partner credit unions have told us that the transition from their website to the new application looks as if we've used the exact web designer that created their own credit union webpage," says Clampitt.

Credit-union members navigate an application site that is extremely easy to use and loan origination staff can simultaneously track activity on the site to better serve members. For members, who often prefer their credit union's close-knit feel, consistency in service and image reinforces the trust members place in the institution. Credit unions have the capability to further promote trustworthiness while boosting loan operations with PowerSite's easy administration, operational efficiency, and technical superiority.

Easy Website Administration Hands Control Over to Lender

CU Members' decision to make PowerSite available to its credit-union partners was based, in part, on PowerSite's ease-of-use. The technology's Web-based, user-friendly interface enables credit unions to maintain control over their websites with minimal interference. Moreover, its intuitive technology requires minimal administration, producing time- and cost-savings readily appreciated in today's mortgage industry. Happ says, "Mortgage lenders, and especially credit unions, which are often smaller and leaner staffed, often require technology that non-IT staff can manage and oversee. PowerSite meets these requirements -- it operates efficiently and flawlessly without compromising excellence in lending and service."

Convenient Website Builds Foundation for Higher Volume, Higher Quality Loans

Members' round-the-clock accessibility to their credit union's website allows them to complete an application at their convenience, which supports higher loan volume through the online channel. CU Members Mortgage has already reported receiving higher-quality loan applications. The credit unions' newfound ability to track online loan applications through PowerSite results in the ability to follow up on dropped applications. Clampitt reports that many credit unions have made significant gains in efficiency because they are able to promptly pursue dropped applications.

"Because of Mortgagebot, our credit-union partners can provide their members with enhanced, online lending service and ultimately increase loan volume," says Clampitt.

About CU Members Mortgage Founded in 1982 as a division of Colonial Savings, Dallas-based CU Members Mortgage provides comprehensive mortgage services to more than 1,000 credit unions, CUSOs, and leagues nationwide. CU Members Mortgage originates more than $2 billion in FHA, VA, and conventional loans each year. With a portfolio of $14 billion, it is one of the largest servicers of mortgage loans in the United States. Advanced technology, including a dedicated website with an online mortgage application that delivers confirmation in minutes, makes CU Members Mortgage one of the industry's leading resources for mortgage services. The company is privately held and has branches located nationwide. For more information, visit http://www.cumembers.com/.

About Mortgagebot Mortgagebot (www.Mortgagebot.com), a D+H company, has led the industry since 1997 by providing the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions for taking mortgage applications in every mortgage business channel: consumer-direct via the Internet, in the branch or call center; or through professional loan officers.

Mortgagebot blends deep mortgage experience with innovative "cloud computing" technology to create scalable and affordable Websites for more than 1,000 banks and credit unions nationwide. Lenders large and small view PowerSite as a "must-have" solution because it helps them deliver a superior borrower experience, increase volume, and compete more effectively. PowerSite is also flexible and easy to use, with a rapid and proven implementation process.

Mortgagebot also offers Mortgage Marvel (www.MortgageMarvel.com), the award-winning mortgage-shopping service that delivers accurate, anonymous, real-time rate quotes in seconds from a selection of hundreds of lenders. But Mortgage Marvel uniquely enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get pre-approved with fully compliant disclosures, all in about 20 minutes.

Mortgagebot, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC, a wholly owned subsidiary of Davis + Henderson Corporation.

Other products and/or services are the property of their respective owners.

To learn more about Mortgagebot, call:

Cindy Golisch
President
PR Unlimited
480-471-8820 

SOURCE: Mortgagebot


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