Frankenmuth Credit Union of Frankenmuth, Mich., has recently partnered with Sageworks, a financial information company that offers lending, credit risk and portfolio risk solutions to over 1,500 banks and credit unions throughout the country. The credit union selected Sageworks Lending Solution to support growth in its member business lending and create a better lending experience for its members.
In the last year, Frankenmuth Credit Union had hired two new lenders, which doubled the credit union’s lending team, and also brought in new business relationships; however, the institution only had one analyst. To keep pace with their loan-growth, Frankenmuth Credit Union knew it had to spread loans more quickly without sacrificing loan quality. Prompted by a peer institution’s suggestion, Frankenmuth Credit Union began evaluating Sageworks’ technology to understand how it could streamline and automate the loan spreading process.
With the chief goal of faster loan decisioning, the team was immediately impressed with Sageworks’ patented Electronic Tax Return Reader software. A key obstacle in Frankenmuth Credit Union’s current process was repetitive, time-consuming data entry that took up valuable credit-analyst resources. The Electronic Tax Return Reader, with the rest of Sageworks Lending Solution, would offer full automation of the member’s lifecycle from beginning to end.
“We had made great strides in modernizing other areas of lending, and we’re excited to finally have a solution that will allow us to get an answer back to our members more quickly, as well as allow our staff to be more productive so that no matter the size of the loan, we can be efficient with the turnaround time,” said Hollie Britton, vice president of lending at Frankenmuth Credit Union. “We know that different generations have different needs and expectations, and we’re excited to offer technology to address the needs of younger entrepreneurs and smaller businesses.”
“Frankenmuth Credit Unionis a technology-driven institution that understands the importance of investing in initiatives to better serve their members,” said Sageworks President Jay Blandford. “We are delighted to be partnering with this institution in their pursuit of maximizing efficiency, and we look forward to sharing in their successesas they grow their MBL portfolio and create better lending experiences for their members.”