CU*Answers, a CUSO located in Grand Rapids MI, announces it now has 24 credit unions utilizing 247 Lender, an automated decision model tool offered with its flagship core processing system, CU*BASE. CU*Answers partnered with Portfolio Defense Consulting Group, an expert in consumer credit risk management and modeling, and its online credit report partner, ZOOT to provide a lending decision model that gives automated approvals 24 hours a day, 7 days a week. Using configurable filter settings, credit unions are able to devise a solution that fits their needs, and control when a decision model will be pulled.
CU*Answers says their goal is to offer credit unions a solution that is both cost effective, and efficient by eliminating the top and bottom 30% of loan applications requiring attention from underwriters. Because this model is offered through the CUSO’s CU*BASE system, there are no up-front costs or annual fees for use. Clients pay only $.50 (fifty cents) each time the model is accessed, as based upon passing the configured model filters. Multiple delivery channels such as online banking applications, lobby visits, or indirect lending and other web delivery channels offer flexibility to credit union members and the ability to apply for a loan 24 hours a day, 7 days a week.
Geoff Johnson, CU*Answers VP of Lending says “We recognized the need of our credit unions to provide loan approvals for their members 24/7 and 365 days a year to help them drive their lending factories to the next level.”