Lending Alive and Well…Growing

CU*Answers Clients creating more lending opportunities for their members!

CU*Answers recently hosted its second Loan Delivery Focus Group meeting that included more than 40 Credit Union leaders from across the country. This group is organized to seek out “Building Credit Union Loan Channels” in order to put credit unions at the forefront of every lending opportunity available to them. CU*Answers XML Lending Gateway, designed from this group’s input, enables credit unions to electronically receive loan applications from any third party; such auto dealers, hospitals or any other retail source, and deliver this information directly to the underwriters desktop to eliminate any re-keying of data.

“The purpose is to collectively brainstorm and enhance the CU*BASE loan platform with powerful new options and functionality” said Geoff Johnson, VP of Lending Products for CU*Answers. “CU*Answers is much more than a data processor. We’re here to succeed with our clients as a technology innovator, implementer, and valued business partner”.

Additional features announced include:

  • CU*Answers purchase of a Loan Decision model, providing ease of set-up and significantly reduced pricing as compared to the national bureau models.
  • Where Your Member Borrows — mining credit bureau report data for where your members borrow and providing many new targeted marketing opportunities.
  • Where Your Members Shop — mining credit card, debit card and electronic bill payment activity for better understanding member shopping preferences, dollars spent and more.
  • Significantly reduced pricing for Credit Bureau reports accessed from national providers, providing savings as much as 50%.
  • A new CU*BASE Escrow Payables system for easily tracking and distributing funds.

Ron Budzinski, CEO of LaPorter Federal Credit Union, is already utilizing the XML lending gateway feature for promoting new front-end loan opportunities with a local hospital. “This interactive tool has streamlined our lending process significantly as the loan application is delivered directly from the hospital to an underwriter’s desktop for approval. This has been a great example of teaming with our technology provider to be able to expand future loan growth. The hospital was so receptive to this partnership that they even guarantee loan re-payment in the event of default from the borrower.” Budzinski said.