What a ‘frictionless’ loan has done for 1 CU

What can a “frictionless,” easy-to-use and fast online mortgage application do for a credit union?

A lot, according to Financial Partners CU here, which reports members are completing applications in less than 10 minutes as opposed to days; many more apps are getting completed as fewer applicants bail out of the process early; the mortgage pipeline is filling up, and the CU’s Net Promoter Score is rising.

CEO Nader Moghaddam cited those benefits and others he said have resulted after Financial Partners made a shift in July of 2018 to an online mortgage application program from Blend, ditching what had been largely a paper-based mortgage application process.

“It’s a software that allows for a much more user-friendly way for the consumer to take advantage of the mortgage application process,” Moghaddam told CUToday.info. “Right now, there is such a competitive environment, and people don’t have enough time anymore. They want to do things fast. The market is dictating that we have to have a digital solution.”


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