In this digitally competitive day and age, where everyone wants and expects an answer “yesterday,” being efficient is imperative. The mortgage market in particular has grown more and more crowded as home prices soar and interest rates continue to decline. In fact, Interest rates have been dropping since late 2018, recently dipping below 4% in June for a 30-year mortgage, the lowest in about two years. Leveraging your credit union’s technology to streamline the loan decision-making process can reduce the turn-around time for the member’s application, provide members answers quickly, and potentially be the difference in whether a new loan closes with your credit union or at another financial institution.
With home prices on the rise, more and more people are looking to buy and sell homes, or capitalize on their new found equity. Zillow reports the current median home price in the U.S. is $229,000, up 5.2% over the last year, and expected to rise another 2.2% within the coming year. With all of the potential opportunity for new mortgage loans (and corresponding membership,) it’s important to be positioned to secure these new loans when it makes sense. Investing in a smart LOS (loan originating system) can save time by efficiently collecting information, storing it, and sharing it between departments. The right technology can offer (potential) members an easy and efficient platform where they can seamlessly apply for a loan, or perform other financial transactions, and may be what helps to land a new loan.
continue reading »