Neighborhood Credit Union is using FirstClose to streamline its home equity lending operations.
Headquartered in Dallas, Neighborhood Credit Union has 14 branches throughout Texas serving more than 50,000 members.
Last year, the credit union launched its home equity lending department and in just 12 months has originated over $1.3 million in home equity transactions.
For this relatively new product category, home equity is quickly gaining traction as a reliable contributor to their total mortgage business.
By using FirstClose’s settlement services ordering technology, Neighborhood Credit Union has been able to significantly reduce turn times and increase loan officer productivity while providing exceptional member experience. The integration with MeridianLink Consumer has shifted processors’ time from heavy administrative tasks to building member relationships by reviewing only items requiring attention.
“Last year we officially opened the doors to our home equity department in order to better serve our members who want to access the equity in their homes,” says Jacqueline Montanez, residential lending manager at Neighborhood Credit Union, in a release. “FirstClose has been our home equity ordering platform since day one and it’s been a complete game-changer.
“It’s become our one-stop-shop for everything home equity and has been able to help us expedite our origination process and provide a seamless, end-to-end experience for our members,” Montanez adds.
FirstClose Equity reduces operational touchpoints and improves the overall customer experience for borrowers, processors, and underwriters, the company says.
Automated workflows, including the ordering of settlement services, enable lenders to complete the application through closing process in five to ten days versus the industry average of 45 to 60 days.
“We’re excited to be powering Neighborhood Credit Union’s new home equity business,” says Tedd Smith, CEO at FirstClose. “Our Equity solution will help Neighborhood Credit Union reduce costs and increase efficiency by providing one-click access to order all the necessary property information and services needed to originate home equity loans and HELOCs.”