1st Community Federal Credit Union of San Angelo, Tex., a $260M, 21,000-member institution is now live as the first user of the loan origination system (LOS) created by Sync1 Systems. Sync1 Systems is a CUSO founded to provide credit unions with advanced, cloud-based lending technology. 1st Community FCU is also a CUSO owner.
“The technology behind our then-current LOS was aging and, quite frankly, the provider’s service levels had deteriorated significantly over the years,” said credit union CEO Bill Nikolauk. “We knew it was time for a change, but when we first looked around, we didn’t find anything better among the legacy players.”
Nikolauk said that when he learned the original creators of his current system were forming a new LOS-focused CUSO, he was immediately interested. He liked what Sync1 had to offer so much that his credit union quickly became a CUSO owner.
“It blows any other LOS I’ve seen out of the water,” added Nikolauk. “It’s easier to use than anything else on the market and, because it was built from the ground up to be cloud based, it’s also easier to maintain than anything else on the market.” He said that the advanced technology also allows Sync1 to be extremely nimble. “Response time for support is phenomenal,” he said.
“The whole CUSO mindset is different from the big for-profit corporations,” said Nikolauk. “Belonging to the CUSO allows us to be part of a product that’s built by credit unions, for credit unions. It’s all about what credit unions need.”