Page 32 - Perspectives Vol.15 Issue 2

HOW CREDIT UNIONS CAN SET THEMSELVES APART IN THE MORTGAGE LENDING BUSINESS
Roger Hull, Chief Product Officer, Origence
Since their inception, credit unions have been able to leverage the membership dynamic to set themselves apart from other financial institutions. But when it comes to building a mortgage lending pipeline, it takes more than just a built-in membership base to serve today’s borrowers’ needs. Let’s take a closer look at three ways credit unions can set themselves apart and win more mortgage business.
1. Be tech savvy
According to customer experience experts at J.D. Power, home mortgage customers want technology that makes the process faster and easier.
They don’t want technology to create
a wall between them and their trusted advisors. Self-service is okay up to a point, but the data shows that home loan customers still want someone they can talk to.
We have found that lenders who incorporate mortgage loan lead management with point of sale and fulfillment, such as our new OrigenceTM mortgage lending platform, are significantly more successful. The productivity lift can be as high as 40%, and because speed decreases loan fallout, lenders see as much as a 75% increase in pull-through.
The Mortgage Bankers Association
has predicted that purchase money mortgage loan originations will increase to $2.61 trillion in 2020. That’s an increase from its October estimate of $1.99 trillion and a 20% increase over 2019’s $2.17 trillion. This represents a fantastic opportunity for these institutions.
2. Be the trusted advisor
According to a study performed by Ernst & Young (E&Y), American consumers want to trust banks, with 60% agreeing that banks have an important role to play, but in reality consumers don’t have faith in banks.
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