Rivermark Community Credit Union experiences a 20 percent lift in completed mortgage applications after migration to web-based lending platform
Credit Union Operates with Greater Efficiency Using D+H’s Mortgagebot Enterprise Lending Platform
MEQUON, WI (October 4, 2013) — Within 45 days of deploying D+H’s Mortgagebot (www.Mortgagebot.com) Enterprise™ platform, Rivermark Community Credit Union, based in Beaverton, Ore., saw a dramatic 20 percent increase in completed applications online. The $575 million-asset credit union used another LOS for more than a decade prior to migrating to Enterprise – the end-to-end, “cloud” platform for capturing applications through every point-of-sale channel and back-end processing, closing, imaging and secondary marketing. The strategic replacement with EnterpriseLOS instituted greater lending efficiency and a 40 percent decrease in loan processing time.
Rivermark’s Mortgage Department Manager Jeff Miller says, “D+H Mortgagebot provided a well-designed solution to our disjointed operations. The quality and technology of the product speaks for itself.” While the decision to migrate from its previous provider was difficult, the switch to the new platform in June 2013 proved a sound business decision and a much-needed correction in its commitment to providing its members with unsurpassed convenience and access.
“We support Rivermark’s positioning and look forward to helping the credit union simplify compliance, increase mortgage profitability and ultimately deliver the service it’s known for to remain competitive,” says Matt Cotter, SVP Marketing, D+H US. “The Enterprise platform was a catalyst in removing the various disconnects that overshadowed Rivermark’s operations. As the first credit union in its state to offer mobile deposits, Rivermark remains technology-driven and committed to providing mobile accessibility to its 65,000 members—its adoption of the Enterprise platform is consistent with these goals.”
Continuity of Data Vital to Efficiency Gains
According to Miller, the switch to the Enterprise platform renewed efficiency with the built-in continuity of data and fully integrated imaging service. For example, drawing up documents for closing takes minutes compared with days, in some cases, under the previous system due to data loss and manual duplication due to using multiple systems. “Our staff no longer needs to bounce from one system to another to track and move loans through processing,” he says. “All documents and application data can be found in one spot.” Although Rivermark’s previous system offered an online application, the credit union was not able to fully utilize all of the available options. It funded and underwrote loans using separate, distinct systems, which resulted in a clumsy, inefficient experience. With Enterprise, loan staff immediately noticed the straightforward, easy-to-use interface and reduced processing time by 40 percent for the approximately 130 loans received monthly.
The system’s automated credit retrieval, underwriting and LOS integration create a seamless processing environment. Miller says the lending staff truly appreciates the speed of the system and cannot believe how efficient and simplified the process has become. They regularly ask, “Is this really all we have to do?”
Pricing Model Creates Affordability and Scalability
The straightforward approach of the Enterprise pricing model was an attractive draw for Rivermark. Knowing the full costs of a loan upfront lets Rivermark package an affordable loan, for both member and lender. Before the switch, the credit union often found that accessing data after a certain time involved additional costs that were difficult to pin down. Says Miller, “We now have easy access to data at an affordable cost, without having to jump out of the system to retrieve it. Having a web-based platform makes our operations instantaneously scalable with no additional licensing fee. For example, Rivermark could easily hire more loan officers [to respond to market conditions]—with no additional cost from D+H Mortgagebot.”
Support System Makes Implementation and Administration Stress Free
Implementation of the Enterprise platform was painless. “There were pleasant surprises along the way during implementation,” says Miller, who has been involved in various technological implementations over the years, including several poor experiences. Most credit unions lack technical staff dedicated to handling ongoing system maintenance so, as Miller notes, finding a provider that manages platform administration without additional cost is critical. Software updates and maintenance provided by D+H Mortgagebot prevent downtime and allow Rivermark to focus on service.
Lending staff can rely on the system to deliver accurate, compliance-ready disclosures at the point of sale, minimizing errors and regulatory concerns. The previous system led to challenges in ensuring accuracy and completeness of compliance requirements.
Full Integration, Automation Encourage Focus on Membership
Giving members ease of use in their online mortgage application and processing was a priority. “We’re experiencing fewer abandoned applications and, in the first month, an increase in people finishing the application online,” says Miller. “Because of built-in alerts, we’ve been able to assist applicants if they abandon the online application due to difficulties or questions. As a result, we’ve captured applications we never would have seen before.”
D+H’s Mortgagebot EnterprisePOS™ platform offers members around-the-clock, self-serve submission access, along with a user-friendly application path. Members are attracted to this smart capability as well as the credit union’s mobile rate availability. “We view adopters of mobile technology as our target market,” says Miller.
With the Enterprise platform, the credit union can also quickly and efficiently move a loan to closing – by removing unnecessary, redundant manual data entry – ultimately passing the time-savings on to its members.
Rivermark Community Credit Union serves more than 65,000 members and has over $575 million in assets. We’re leading the way when it comes to convenient account access from anywhere, anytime. We’re proud to have been the first credit union in Oregon to offer Mobile Deposit, so members can deposit paper checks using their mobile device. Like the members we serve, we’re innovative, visionary and technologically proficient when it comes to work and finances. Membership is open to anyone who lives or works in 11 Oregon counties. For more information on Rivermark, visit their website at rivermarkcu.org.
D+H is a leading provider of secure and reliable technology solutions to North American financial institutions with a reputation for being a trusted partner that helps clients build deeper, more profitable relationships with their customers based on rich industry and market insight, and consumer knowledge.
Today, over 6,200 banks and credit unions across North America rely on D+H to deliver solutions across three broad service areas: Banking and Lending Technology, including core banking, lending and compliance, and channel solutions; Lending Processing Solutions; and Payments Solutions. Our integrated, compliant technology solutions enable clients to grow, compete, and optimize their operations, while our forward looking approach helps them stay ahead of the market and anticipate changing consumer needs.
In 2012, D+H rose to 35th on the FinTech 100, a ranking of the top technology providers to the global financial services industry, and is ranked 24th on the 2013 Branham 300, a listing of the top Canadian ICT companies.
Davis + Henderson Corporation is listed on the Toronto Stock Exchange under the symbol DH. Further information can be found at www.dhltd.com and in the disclosure documents filed by Davis + Henderson Corporation with the securities regulatory authorities at www.sedar.com.
About Mortgagebot Enterprise™
Mortgagebot Enterprise™ is the award-winning, end-to-end lending technology platform—offered as a scalable, web-based solution for financial institutions to maximize their full potential and streamline all origination processes.
With Mortgagebot EnterprisePOS™, lenders can automate every point-of-sale channel where business is captured: consumer-direct, branch, and loan officer, and integrate directly into the all-in-one Mortgagebot EnterpriseLOS™—for processing, closing, imaging, and secondary marketing—or to third-party loan origination systems.