It’s time to compete stronger with the right mortgage technology
Today’s credit unions are competing with a myriad of mortgage lenders – from regional and retail banks to non-bank lenders. Attracting borrowers in a crowded mortgage market requires highly efficient operations and best-in-class member service. Your mortgage lending technology plays a critical role in your credit union’s ability to deliver the performance and modern digital experiences needed to grow your mortgage business.
AMOCO Federal Credit Union recognized the need to elevate its lending performance and started with sourcing a new servicing system. After further discovery, it soon became apparent that an end-to-end mortgage lending platform, from point of sale to default, was needed to take its performance to the next level across the full mortgage loan continuum and to stand out among other lenders.
“Competition is at an all-time high, specifically regarding mortgage technology. We just refused to accept that we’re a small lender and can’t offer that type of technology to our members. We want to compete with the big lenders and give that kind of modern lending experience to our members,” says Eddie Bonilla, executive VP of lending for AMOCO Federal Credit Union.
AMOCO chose Black Knight’s end-to-end solution which included the best-in-class loan origination system (LOS), Empower®, and the industry-leading MSP® mortgage servicing system. Using Black Knight’s integrated solution will streamline AMOCO’s operations and deliver the latest technology for their members. Updating its mortgage technology was a big decision, especially during a down market, but AMOCO understood that the time to prepare for future growth is now when they have time to focus on implementation. They can maximize every opportunity in today’s market – and easily scale when mortgage demand and refinances increase in the future.
Integration and automation
AMOCO now processes first mortgages and home equity loans on an integrated platform to increase efficiency and streamline its operations. An end-to-end platform allows a member’s information to follow the loan from origination to loan boarding and servicing. Additionally, loan data and actionable analytics are streamlined with all lending functions, offering unlimited possibilities to help improve efficiency, reduce risk and drive financial performance. AMOCO also leverages the Optimal BlueSM Product, Pricing and Eligibility (PPE) engine through the Empower LOS to help the credit union recommend the right product at the right price to remain competitive.
AMOCO increases back-office bandwidth by automating time-consuming manual tasks and using exception-based processing. Data and documents flow between applications to reduce redundant data entry, help prevent errors and accelerate turn times. Members have a consistent, best-in-class experience at every stage of the mortgage lending process.
“Integration, efficiency… those are the big factors for us. We want everything to be streamlined – not only for our members, but also for our employees. Black Knight’s long list of integrations really shows us that we can automate a lot of the process,” adds Bonilla.
Modern digital experiences
AMOCO leverages Black Knight’s seamless digital connectivity with its members to deliver the modern digital experiences that they expect. Members can use a digital point of sale (POS) tool to apply for a loan online using the device of their choice. The digital POS automatically updates Empower and the application information is delivered directly to the loan officer. During the mortgage origination process, members can easily upload statements, access loan status information, e-sign documents, use remote online notarization services and interact with AMOCO anywhere, anytime.
Members can also expect positive servicing experiences with easy-to-use, digital self-service tools. Using the Servicing DigitalSM responsive web solution, AMOCO’s members will be able to easily access highly personalized home, loan, and neighborhood information. Offered as a responsive web or native app, AMOCO members will view loan information, make payments, view previous payment activity, and explore “what if” scenarios for loan repayment or refinancing.
These integrated digital capabilities keep AMOCO connected to its members and help it deliver best-in-class experiences that rival the largest lenders. They also save time for AMOCO’s employees as data is automatically updated in the core systems helping to increase back-office bandwidth allowing teams to focus on better serving their members.
Why invest now?
The mortgage market is cyclical – and the best time to invest in new technology is when markets are down. It might seem counterintuitive, but it makes sense to implement new technology when loan volumes are lower, and you have more time to spend implementing and learning the new technology. AMOCO made the decision to update its mortgage technology by looking forward and charting a path to achieving its growth goals. Its new integrated mortgage technology from Black Knight allows it to compete stronger in today’s market to help maximize every opportunity and prepares it to quickly scale in the future when there will likely be a refinance boom and increasing demand for mortgages.
Hear more about it firsthand from AMOCO Federal Credit Union by watching the video below. You can learn more about the Empower LOS and MSP servicing system by visiting Black Knight’s website.