Richland, Wash.-based HAPO Community Credit Union, with $1.2 billion in assets and more than 109,000 members, has increased its loan origination and processing using the Velocity loan origination system (LOS) from Fiserv.
With Velocity, HAPO can support of consumer, business, home equity and indirect loans all on one platform. In addition the company will benefit from having loan origination, decision support tools, workflow software and image capture capabilities all tightly integrated on a single platform.
Fiserv reports that it is developing version 3.0 of Velocity, which is currently in beta testing. The new version will include improved system administration capabilities and improved data mapping of forms and standardized interfaces.
‘HAPO has built a reputation for making good loans to good people, and the Velocity platform has given us greater control in offering a smooth, efficient lending process to our members,’ says Scott Mitchell, chief lending officer at HAPO, in a release. ‘We use the system to support multiple loan types, such as boats, RVs, secured lines of credit and dealer direct auto financing. The customizable workflow tools allow our staff to tailor the processes that work best for our organization. We're also looking forward to deploying Velocity 3.0, which will provide the foundation for additional self-service options in our lending operation.’
‘Credit union employees often have to wear many hats, and HAPO is committed to delivering exemplary service to its members across each of those experiences,’ says Kevin Collins, president, lending solutions, for Fiserv. ‘With Velocity, HAPO has been able to provide superior member convenience by eliminating manual steps throughout the origination process using just one system to support a wide range of loan types. Velocity has the capabilities credit unions such as HAPO need as they adjust to the current loan origination landscape.’
Geared for small and mid-tier credit unions and community banks seeking to grow their business, Velocity simplifies and expedites loan closing and provides greater control over business operations by integrating with numerous account processing systems and an extensive array of third-party applications.
