Does your credit union have the right tools and technology for mortgage lending in 2016?

The mortgage news emerging in 2015 was exciting and promising for credit unions. By mid-year, CUNA’s U.S. Credit Union Profile showed a 3.2% increase in first mortgages for the country, while TransUnion reported a 4% rise in credit union originations in the first quarter alone.

In a July 2015 article, The Appeal of Credit Union Mortgages, the New York Times reported that credit unions gained a larger share of the mortgage business during the housing crisis, because they kept on lending when big banks pulled back. Now that the environment is changing, not all credit unions are able to keep up with the investment and knowledge required to compete in today’s mortgage origination market. New tools and technologies may be needed.

Technology that’s right for the times

In the past, a lender would buy a Loan Origination System (LOS) and have all the technology that was needed to manufacture a mortgage. In 2016, credit unions will need technology that’s far more sophisticated to have any chance of producing a loan that is regulatory compliant and saleable. Numerous, separate documents must be merged and tracked. Distinct resources have to be coordinated. Dates must be met, quality assured, insurance certified, documents retained . . . the details are never ending.

Handling all the moving parts involved in mortgage originations can be accomplished much more efficiently and reliably with the right technology. For example, many credit unions depend on a mortgage lending solution with a built-in technology platform specifically designed to handle the countless details, deadlines and double-checking.

This means that, at no extra cost, the lender can have a system that’s used to originate mortgage loans (including FHA and VA loans), pull credit and score loans, underwrite, close the loans, and even service them if desired. As a bonus, credit unions have the option of using the technology platform to originate compliant loans for their portfolio as well. To compete well in the mortgage market, credit union resources must have cost-effective tools at their disposal to drive the swift, correct completion of sound loans.


A changing U.S. economy, rising interest rates, shifts in consumer confidence and other factors indicate a different lending landscape ahead in 2016. With the right resources at their disposal, all credit unions can be part of a vibrant growth trend in mortgage lending. As you look toward the months ahead, take time now to consider your options and assess the advantages that come with new tools and technologies.

Contact QR Lending to learn how we help credit unions run profitable mortgage operations by providing them with highly efficient processes, free technology and their own dedicated Personal Loan Coordinator.

Tom Pisapia

Tom Pisapia

Tom Pisapia has more than 30 years of mortgage and investment banking experience. Prior to joining QR Lending, Pisapia worked at CUNA Mutual Mortgage Corporation as the head of lending ... Web: Details