Mortgage loan origination – Delivering member experiences that wow

Growing your credit union’s mortgage lending business in today’s competitive market requires delivering a best-in-class member experience. This experience is a direct reflection of how efficiently you process loans on the backend and how easy it is for members to do business with you. Making the investment in the latest mortgage technology today – even in a down market – is an investment in future growth by helping you drive greater operational efficiencies and better leverage your existing organization to serve your members.

AMOCO Federal Credit Union recently went on a journey to find a solution to streamline its mortgage operations – starting with a selection of a new mortgage servicing system. During that discovery process, it became clear that to maximize back-office efficiencies and deliver the high-touch service required to retain members, AMOCO also needed a loan origination system (LOS) that could help it deliver a consistent and best-in-class experience from the moment a member requests a mortgage loan, through the application, underwriting and closing. They selected Empower®, Black Knight’s industry-leading LOS, which seamlessly integrates with their MSP® mortgage servicing platform to deliver a single mortgage loan process.

“We liked the idea of having an LOS and a servicing platform that work seamlessly together. Once we discovered Empower and started looking at all the enhancements that we could make for our members and mortgage team… it was a no brainer for us,” says Eddie Bonilla, executive VP of lending for AMOCO Federal Credit Union.

The Empower LOS allows credit unions to originate first mortgages and home equity loans on a fully integrated platform to elevate their lending performance. The LOS includes intelligent workflow automation and exception-based processing to streamline workflows and accelerate turn times. This automation increases back-office bandwidth and frees credit union staff to focus their time on better serving their members. It also enables credit unions to easily scale to higher loan production volumes and pursue more mortgage lending business with their existing staff.

Integrated pricing, fees and other origination data throughout the loan origination workflow provide the actionable insights that improve decision-making and performance throughout the loan origination process. Loan officers and others can better serve members due to the seamless flow of data and documents across applications. All this happens on the backend, but it does not go unnoticed by members.

Members benefit from the Empower software’s modern, integrated digital point-of-sale (POS) capabilities. They can apply for a loan and access information online 24/7 using the device of their choice. The easy-to-use POS interface delivers the intuitive experience and wow factor needed to win business. It makes the loan application process faster, easier and seamless for the member – and allows credit unions to provide faster decisions to their members.

“We’re all about the experience at AMOCO. We want our members to have a best-in-class experience. What we currently have now doesn’t provide that… there’s no wow factor… it’s not easy. Empower does all those things, streamlines it, and has a great look and feel, and ultimately helps us accomplish our mission of serving the financial needs of our members better,” says Bonilla.

The modern digital experience continues throughout the loan origination process, where members can easily upload documents, access loan information, e-sign documents, use remote online notarization services and interact with their credit union anytime, anywhere. Empower also includes seamless integrations with other Black Knight solutions to streamline the end-to-end loan origination process from application to closing and beyond.

Implementing a fully integrated mortgage lending platform with a cutting-edge LOS can streamline and automate your end-to-end workflow to increase efficiency, reduce costs and help you deliver the best member experiences. Hear more about it firsthand from AMOCO Federal Credit Union by watching the video below. You can learn more about the Empower LOS by visiting Black Knight’s website.