Case Study: Expediting and Enhancing Lending Processes With Innovative Technology

Woman uses a laptop computer with the word Mortgage on the screen illustrates lending and home loan software and technology
By Sponsored by FirstClose

3 minutes

Langley Federal Credit Union exceeds member expectations with efficient, streamlined home loan software.

Sponsored by FirstClose

You don’t often hear a credit union executive say, “it was worth the change.” Typically, leaders of financial institutions are wary of leaving their comfort zone and implementing new technology that may or may not improve processes. For Langley Federal Credit Union implementing the FirstClose Reporting Suite from CUES Supplier member FirstClose in 2016 helped the CU reduce its mortgage average time to closing by four days almost immediately and has been thriving ever since.

Need for Speed

Founded in 1936 in Hampton Roads, Va. by 25 employees from the National Advisory Committee for Aeronautics, Langley FCU’s assets totaled just $275. Now, the $2.6 billion credit union is comprised of 18 branches across the Hampton Roads area of Virginia.

Serving roughly 250,000 members, Langley FCU was in need of a technology provider to expedite its second mortgage lending and processing procedures. It was also important to executives to find a company that was willing and able to work within Langley FCU’s loan origination system, MeridianLink/LoansPQ.

The Right Partner

When Langley FCU executives found FirstClose and learned about the FirstClose Report, they knew it was the interface they needed to streamline mortgage processes. The FirstClose Report is a comprehensive refinance and home equity loan solution with capabilities to deliver loan flood certification, current market value, interior and exterior property photos, copy of the deed, liens, judgments, transaction history, subject property data and tax information in one report.

The FirstClose Report provides resources for lenders to comply with regulatory guidelines, while simultaneously reducing both costs and closing times. In addition, the software is easily implemented and has the ability to integrate with any credit union’s loan origination system.

Seamless Integration

Since implementing the FirstClose Report, Langley FCU has been able to reach its goal of streamlining the mortgage process and close more loans.

“FirstClose’s service and integration was quick and seamless,” says CUES member Mike McNabb, VP/consumer lending at Langley FCU. “The FirstClose Report improved our ordering process by enabling single clicks for multiple products, which eliminates duplication and saves us valuable time and money.”

The pricing of the FirstClose Report is something the team at Langley FCU liked as well. “We experienced cost savings not only with product order placement, but also with the total cost of doing business,” says McNabb. “Not to mention, the reduction in closing time itself has also been a very significant area of savings.”

Customer Satisfaction

Faster turnaround time and cleaner closings are extremely important to Langley FCU members. With the FirstClose software, loan officers have a good understanding on orders in as little as one day, improving their customer service capabilities. Once the FirstClose Report was in place, the credit union’s average time to close dropped by four days almost immediately.

“We were open-minded when it came to implementing the FirstClose interface, and once it was in place, we took off,” says McNabb. “The FirstClose support team is excellent, and they understand that members should be first. It was worth the change.”

Credit unions like Langley FCU can remain competitive, satisfy their members and save valuable time, money and resources by utilizing innovative lending technology. With all necessary information available in one comprehensive report, financial institutions easily can expedite and enhance their lending processes.

FirstClose, Austin, Texas, offers a proprietary, patent-pending software platform designed to deliver lenders end-to-end solutions from loan application to closing that eliminates processing inefficiency and expedite closing times. FirstClose strives for refinance and home equity lending to be as easy and painless as possible by using cutting-edge, patent-pending technology that is backed by trusted industry partnerships to create a world-class solution.

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