Draft a digital plan for your mortgages
Credit unions are already entrenched in the member experience as part of their business model. “But take it a step further; leverage this intimacy,” offers Keith Kasmire, VP/sales for CUES Supplier member CU Members Mortgage, Addison, Texas. “Deliver the same high-touch experience with your mortgages but one that is fast, easy and technology-driven.” Doing this will also help you level the playing field with competitors.
“The availability of mortgage apps with powerful functionality will only accelerate,” he continues. “Look for apps that [connect] with your brand for a seamless end-user experience. When a member uses your app, they shouldn’t feel as though they’ve left your site.”
Draft a digital plan for your mortgages, and look to your mortgage partners for support.
Start by evaluating your loan origination software, its application and relevancy to mobile, says John Theobald, VP/lending for $373 million Day Air Credit Union, Kettering, Ohio. Also review your mortgage department’s structure, its strength in using technology and experience selling to the secondary market. “Are you positioned to move into the digital space? Do you have the right talent internally and externally? A mortgage CUSO can help you to keep pace with the latest trends, products and training.”
An important part of the digital mortgage experience is being to provide fast approvals. Consider a tool like Fannie Mae’s Desktop Underwriter Validation Service. “Since 1990, the program has been collecting data that help with automated decisions,” explains says Tammy Trefny, senior account manager/single-housing unit for Fannie Mae, Washington, D.C. “It can tell you how likely consumers are to make payments. It also delivers a comprehensive risk assessment so you can be sure your loan is eligible to sell to us.”
Trefny also notes that Fannie Mae accepts historical appraisal data or a property inspection waiver on certain refinances and, if there is enough information on the property, automated valuations for new money purchases.
“Even so, there is no intent to eliminate appraisers or appraisals,” continues Trefny. “Most home buyers should be encouraged to purchase an appraisal for their peace of mind, to verify the value and condition of the property, and to reinforce their decision to buy or refinance.”
Stephanie Schwenn Sebring established and managed the marketing departments for three CUs before launching her business. As owner of Fab Prose & Professional Writing, she assists CUs, industry suppliers and any company wanting great content and a clear brand voice. Follow her on Twitter @fabprose.