8 Reasons Credit Unions Are Choosing nCino for Mortgage Origination
Credit unions represent a unique sector within the world of finance. They offer an exceptional service to their member base, backed by competitive loan offerings. In order to deal effectively with this unique operational model, credit unions' lending technology needs to align correctly.
In this digital era, borrowers are increasingly tech-savvy, with 60% (as noted by McKinsey) preferring a completely online application process. HousingWire's recent survey found that 68% of homebuyers feel that technology has enhanced the homebuying process, citing convenience and ease of use. The role of technology in a credit union's capacity to serve their members' needs is undeniably significant. Hence, selecting the appropriate partner is more critical than ever.
The ideal technology partner must bring automation, intelligence, and a member-centric design to the table for credit unions. This technology should enhance the experience of all involved in the homeownership journey. It should simplify the loan application process, provide comprehensible loan tracking, and ensure timely notifications for all stakeholders in the real estate journey. Beyond productivity and efficiency, these benefits should allow you to concentrate on the most critical aspect - relationships.
Jordan Houghtaling, Manager of Real Estate Systems, Altra FCU agrees. When discussing why his credit union choose nCino’s Mortgage Suite, he says, “Our vision statement is ‘helping you live your best life,’ and supporting members’ journey to homeownership is central to that goal. Personal relationships with members are the heartbeat of our mortgage operation. nCino allows us to grow, manage and evaluate the impact of those relationships with just a few clicks.”
Digitizing operations can greatly improve the loan experience for members and streamline a credit union's processes. It allows you to offer the right experiences at the right moments. nCino’s Mortgage Suite, a comprehensive mortgage loan software, is a testament to this. Here are 8 benefits of choosing nCino’s Mortgage Suite:
Efficiency, Scalability, and Productivity: This mortgage origination software automates numerous time-consuming tasks in the lending process. This allows employees to focus on strategic tasks and member services, thereby enhancing scalability, productivity, and overall efficiency.
Improved Member Experience: The software enhances the loan experience for credit union members, providing features such as online applications and real-time loan tracking.
Customization and Scalability: It can be tailored to fit the unique needs of any credit union. The software can adapt and scale as the credit union grows, ensuring it stays one step ahead of the competition.
Seamless Integration: nCino’s Mortgage Suite is designed to work smoothly with a credit union's existing systems, such as loan origination systems (LOS), and CRM software.
Security and Compliance: The software prioritizes data security, adhering to all relevant financial regulations and standards.
Streamlined Decision-Making: Comprehensive reports and analytics provided by the software aid strategic decisions to optimize lending operations and improve loan portfolio performance and profitability.
Cost Savings: The mortgage loan software helps credit unions reduce operational costs in the long run by automating various tasks, reducing errors, and improving efficiencies.
24/7 Access: Both members and credit union staff can access the software anytime, anywhere.
By adopting a solution like nCino’s Mortgage Suite, credit unions can revolutionize their lending operations and offer superior service to their members from pre-application to post-closing.
nCino’s user-friendly, secure, and customizable digital mortgage solution that integrates seamlessly with your existing systems.
To streamline your lending process, improve member satisfaction, and profitably grow your credit union, look no further than nCino’s Mortgage Suite. To learn more, schedule your demo today.
The mortgage industry has seen some significant changes in recent years with the introduction of digital technology solutions. Organizations are increasingly turning to technology for avenues of competitive advantage, leading many companies into a state of flux as they adjust their business model and digital mortgage strategies to create and maintain profitability with long-term success.
In the current economic climate, mortgage and real estate professionals are facing significant challenges. Rising interest rates, low inventory and high loan production expenses are impacting the market, leading to a decrease in refinancing volume.
Amid this increased competition, there’s a pressing need for lenders to build and maintain strong relationships with real estate agents to bolster their referral base. That’s why a referral strategy that helps you leverage existing relationships and build new ones is so crucial.
In our rapidly evolving mortgage industry, eClosings are becoming increasingly popular due to their ability to provide a seamless, efficient and cost-effective solution for lenders, settlement agents and borrowers. In nCino’s recent white paper, we dive deep into the concept of eClosings, their benefits and how to best select an eClose solution.
Digital Transformation: How eClosing is Shaping the Mortgage IndustryThe days of lengthy, paper-based mortgage closings are giving way to the digital age. More and more, we’re seeing a shift towards digital closings, which are rightfully earning a reputation as the “gold standard” in the mortgage industry.
Why are borrowers and lenders flocking towards this technology-driven solution? Their simplicity, efficiency and the capacity to meet evolving consumer demands are key benefits for lenders, while borrowers are particularly charmed by quicker closings and the convenience of a completely digital mortgage experience.
Beyond their appeal to borrowers, eClose solutions yield remarkable benefits for lenders and settlement agents. From a cost perspective, significant savings per loan are realized when leveraging this digital space. The reduction of human error, improved loan quality and reduced processing/funding cycles make eClosings all the more lucrative for these stakeholders.
Credit unions play a vital role in their communities by offering their members important financial services like loans and savings accounts. A key component of credit union operations is the lending technology members and employees use.
Applying for a mortgage can be a daunting experience. From collecting and organizing paperwork to completing lengthy application forms, the process can be time-consuming, stressful, and prone to errors. With the help of the right digital mortgage experience and a point-of-sale (POS) solution, however, the mortgage application process can be streamlined and simplified for the customer or member, real estate professional, loan officer, title and settlement partner.
Keep reading to learn five reasons innovative financial institutions are choosing a digital mortgage solution with a built-in point-of-sale solution to modernize the home lending experience:
Power lending experiences with a user-friendly interface.One of the biggest advantages of a digital mortgage experience combined with a point-of-sale solution is the user-friendly interface. With one login, each stage of the mortgage transaction is streamlined across all stages of the journey. The right solution simplifies application processes and provides customers with a simple, easy-to-navigate workflow that guides them through the application process step-by-step. It also empowers real estate agents and lenders to provide pre-approval letters at their office, or more conveniently through a mobile device. This ensures customers provide all the necessary information and reach key milestones, and it makes the application process less intimidating and more accessible. The right solution must also make the experience just as simple and seamless for customers that prefer to work directly with their loan officer. With a native mobile experience, customers can apply for a mortgage, receive approval, and close on their home, all from the convenience of a mobile device.
