Lake Michigan Credit Union (LMCU), the largest credit union in Michigan and one of the largest in the nation, has implemented FirstClose’s Equity Order Management to automate settlement workflows for its home equity lending operations.
Now, LMCU will be able to generate and track settlement orders directly within its loan origination system, apply business rules for vendor selection and ensure that completed reports and documents flow seamlessly back into the loan record, FirstClose says in a release.
By reducing manual touchpoints and eliminating redundant data entry, the integration will deliver faster turnaround times, fewer handoffs, improved lien reporting accuracy and greater efficiency for staff and members alike.
“Home equity is an important way we support our members’ financial needs, and implementing FirstClose Equity Order Management allows us to make that process faster, easier and more reliable,” says Eric Schlagheck, vice president of mortgage processing and home equity lending at Lake Michigan Credit Union. “By streamlining the behind-the-scenes work, we’re able to focus more on delivering the level of service our members expect and deserve.”
“LMCU’s implementation of FirstClose Equity Order Management shows how technology can enhance the member experience by making the home equity process faster and more consistent,” says Tedd Smith, CEO of FirstClose. “We’re proud to support LMCU’s commitment to service by delivering automation and integrated workflows that remove friction for both staff and members.”