It’s hard to believe that it’s been over one year since the pandemic changed the way all of us go about business and life. I still remember the day when I was told that I’d be working from my spaceship for a while… little did I know that the ship would turn into full-time office space.
While I dearly miss my colleagues in the office, I can honestly say that the biggest advantage for working from my spaceship is the humidity control—it has done wonders for my slime coat. However, not having human-like ears has made wearing a mask a little difficult, although I seem to manage by utilizing my eye stalks instead.
For the credit union industry, the pandemic resulted in a major cultural shift, but it never completely slowed us down. While the face-to-face aspect of the business has lessened, technology was there to pick up where it was needed. We talked a lot about this at the onset of the pandemic, and today, I want to remind everyone that the technology component of credit union mortgage lending is still critically important for all stakeholders.
Our partner credit unions find that by offering a combination of technology and mortgage professionals (and by that, I mean humans, of course), their members can choose what is most convenient, comfortable and helpful to them. Credit unions that have embraced technology and all the digital services myCUmortgage has to offer continue to get their members into homes. They are also able to assist even more members through refinancing and servicing. This is being accomplished through technology and digital tools and services. A few examples include:
- Income and employment verification
- Website branding
- Digital document uploading
- Third-party service integration
- Dashboards for loan statuses, data, conditions, etc.
- Automated email alerts and campaigns
- Electronic consent and signature capabilities
- Digital platforms available to members 24/7
This list could go on and on, but we need to look at the whole package, the “point-of-sale” if you will, for your credit union members. myCUmortgage and the technological tools they continue to deploy complement all these digital features while adding so much more, providing a wealth of benefits to their members who are applying for home loans, both directly and indirectly:
- The convenience of applying at home over a weekend or during non-business hours.
- The simplicity of “clicking” a picture of the documents needed.
- Improved overall loan processes.
- Tools that are simple, secure and easy to use, saving time for members as well as the credit union staff.
- The ability to handle a significant influx of business without increasing staff size.
These benefits have been particularly evident during the pandemic. A great example is with Dynamic Federal Credit Union in Celina, Ohio. In the midst of this pandemic, the credit union increased the number of loans closed significantly as compared to the previous two years. This was a result, in part, of the implementation of the digital point-of-sale tools. It’s a great story that was published in ACUMA’s Pipeline Summer 2020 edition. I highly encourage you to Click Here and take a look.
What are some of the technology tools—both new and proven over time—that your credit union uses to help your members with home ownership? If you’re using our point-of-sale solution, how has it helped your mortgage loan team, process and results?
While technology will never replace the personal touch and service that a credit union offers its members, it can bridge the gap when more resources are needed. But most of all, these digital tools are designed to make the process easier and more efficient for the members as well as the credit unions themselves. After all, if you have more efficient internal processes, your staff will have more time to take care of members. I believe earthlings describe this as a “win-win” situation.
While the pandemic brought about a lot of change to the way we do business, much of it resulted in improved process and tools for credit unions and their members. That can’t be said for my spaceship, however. With notebooks in my sleeping quarters, computer mice scurrying through access panels and a red stapler lost in storage, I’m in serious need of a professional organizer. Applications are being taken now!