Get off the lending hamster wheel
Make loan retention and recapture a high priority.
We spend an inordinate amount of time, marketing, sales dollars, and imagination to originate new loans.
Our collective creativity has created a loan origination process that includes quick loan decisions, the use of electronic signatures, omni-channel delivery, point of sale (POS) financing, triggers, and teams of credit union professionals who know how to make the member loan origination experience a “wow.”
Yet we find that our net loan growth is only a fraction of our new originations.
The challenge is that we have not perfected a means to retain the loans once they are a part of our portfolio.
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