Faster mortgage closing time leads to portfolio growth

Northwest Federal Credit Union’s management team was in need of a compliant and efficient mortgage lending solution due to its growing portfolio. CUES member Joe Talmadge, the credit union’s VP/mortgage lending, led the charge. After looking at multiple options, Northwest FCU, Herndon, Va., concluded that D+H’s Mortgagebot solution was the right choice, meeting the CU’s business requirements and providing the necessary support.

For the deployment, Northwest FCU elected to supercharge its effort by adding D+H’s MortgagebotLOS™, MortgagebotPOS™, and LaserPro®, creating a fully integrated end-to-end solution.

A Speedy Ascent to Leadership

Northwest FCU, with $3.1 billion in assets and 200,000 members, has become an industry leader for speed in mortgage loans. The combination of MortgagebotPOS, MortgagebotLOS, and LaserPro shortened time-to-close for first-time mortgage loans to less than 30 days, more than 30 percent lower than the industry average.

This is a huge competitive differentiator for Northwest FCU, as borrowers seek out lenders that can close loans quickly. The CU’s speed has drawn in thousands of new customers from outside its immediate geography. Real estate agents, which also place a major emphasis on speed, have become passionate advocates for Northwest FCU, and a leading referral channel for its mortgage lending business.

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