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Is it Time to Upgrade Your Loan Origination System?

Is it Time to Upgrade Your Loan Origination System?

New CU Direct Case Study Reveals How the Right LOS Can Be a Significant Driver for Greater Loan Activity. La Capitol Federal Credit Union operated on a Loan Origination System (LOS) that was time-consuming, expensive, and inefficient in managing day-to-day tasks, such as emailing documents to members or the flexibility to change rules without an added fee….

Leveraging a Digital Lending System to Help Drive Indirect Auto Loans

Leveraging a Digital Lending System to Help Drive Indirect Auto Loans

CU Direct recently partnered with Visions Federal Credit Union on a case study that took a close look at the credit union’s success in the indirect lending marketplace, and the steps the credit union took to overcome the challenges it had in growing loans through the indirect channel. Visions’ indirect lending program had been a…

Achieving Sustainable Loan Growth (Part 1)

Achieving Sustainable Loan Growth (Part 1)

Published in Auto Lending, Lending

Framing the Problem For every credit union that has invested heavily in its lending process, there are plenty more who haven’t.  Ok, most haven’t.  This is surprising considering the majority of a credit union’s earnings are loan-related and most strive to deliver a quality member experience.  This may also be why our industry struggles to…

How LOS Efficiency Helped Elevate Trailhead CU to New Heights

How LOS Efficiency Helped Elevate Trailhead CU to New Heights

When Justin Olson joined Trailhead Credit Union in 2013 as vice president of member services, the credit union was facing an uphill climb. With a loan-to-share ratio of just 59 percent and on a steady monthly decline, the $120M credit union was only originating around $1 million per month in 2013. That wasn’t enough to…

Is Technology Sprawl Ruining Your Member Lending Experience? (Part 1 of 2)

Is Technology Sprawl Ruining Your Member Lending Experience? (Part 1 of 2)

How many systems, both digital and manual, do your members and employees have to navigate before booking a loan? The answer may surprise you, and provide some critical insight if your credit union isn’t meeting its loan growth goals. What is Technology Sprawl? Tech sprawl isn’t just a lending problem or even a financial services…

Lending Strategies That Generate a Quick Return (Part 2 of 2)

Lending Strategies That Generate a Quick Return (Part 2 of 2)

Your credit union has set its 2018 budget, but it has some limited extra funds to invest in the short-term. Where should it invest right now to get the most bang for the ROI? In part one of our two-part article series, we discussed how optimizing existing systems can be a smart lending strategy that…

Credit Unions Continue to Make Real Gains in the Auto Lending Marketplace, What’s Next?

Credit Unions Continue to Make Real Gains in the Auto Lending Marketplace, What’s Next?

Published in Auto Lending

Credit unions continued to make significant advances in the auto lending marketplace in 2017. A testament to credit unions’ strong performance in auto lending, the 1,100-plus credit unions on CU Direct’s CUDL platform topped all other lenders in 2017, funding 1.8 million loans, and becoming the nation’s number one lender as an aggregate. CUDL credit…

Connecting, Informing and Engaging with Activity-Based Marketing  (or…. RIP: Spray and Pray)

Connecting, Informing and Engaging with Activity-Based Marketing (or…. RIP: Spray and Pray)

In a recent study on Millennials, the Aimia Institute coined the term “High Volume Sensitive Consumers” for those segments across all generations most likely to permanently disengage with brands if they receive high volumes of generic communications. According to the study, Millennials are most likely to permanently disengage at the highest rate (44%). Most consumers…

Strengthening Portfolio Performance is Critical in Today’s Auto Lending Marketplace

Strengthening Portfolio Performance is Critical in Today’s Auto Lending Marketplace

Since the beginning of time, lenders have sought a way to accurately measure and predict risk in their loan portfolios. Understanding risk allows lenders to make sound credit decisions and properly price loans.  Ideally, lenders need to make, at the very least, a high enough return on loans to cover the principle and any costs,…