Squad Goals: How Navy Federal simplifies the homebuying process
Applying for a mortgage can be stressful and opaque. A new platform from the nation’s largest credit union improves the experience for would-be homeowners.
In early March 2013, a video on Business Insidertalked about 2010s being the Age of the Customer. Advances in technology have underpinned the proliferation of competitors in the field of financial services, pushing credit unions to work harder to differentiate themselves to attract and maintain members.
Nowhere on the balance sheet is that clearer than in the mortgage portfolio. In late 2017 online-only lender Quicken Loans overtook Wells Fargo as the nation’s largest mortgage lender, largely on the strength of its mortgage platform Rocket Mortgage. For credit unions to compete, simplifying the traditionally complicated application process is a good place to start.
“We understand homebuying can be stressful,” says Mounia Rdaouni, assistant vice president of mortgage specialized operations at Navy Federal Credit Union($103.1B, Vienna, VA). “As a credit union, we wanted to alleviate concerns and issues and simplify the process.”
To that end, the nation’s largest credit union has launched HomeSquad, a mortgage application platform accessible on mobile or online.
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