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Credit Unions Leverage 360 System to Streamline Loan Originations

Mon, May 8, 2017

CU Direct, the nation’s leading lending technology and automotive solutions provider for credit unions, has partnered with 12 credit unions to implement Lending 360, the company’s comprehensive account and loan origination system (LOS).

To remain not only competitive, but to improve member experience in applying for a consumer loan and opening a new account, and to drive more loans, credit unions are recognizing the need to get to “yes” faster.

An industry-leading complete account and loan origination system, Lending 360 offers dynamic features that streamline the entire loan application process, giving credit unions the ability to greatly enhance the loan officer efficiency and member experience.  As a result, credit unions and CUSOs gain a true competitive edge by increasing efficiency and productivity, driving more lending.

“We reviewed several lending platforms and came to the consensus that Lending 360 would be the best fit for us,” notes Joe Lilly, vice president of operations for Southwest Airlines FCU (46,779 members/$416.2 million in assets).  “We found that it would provide a more seamless experience for the member and aid our staff in processing loans more efficiently. Additionally, the CU Direct staff has been very helpful from the first demo to post implementation.”

“We rolled out Lending 360 within the last six months, and already see major improvements in the amount of human errors and the speed at which we can decision loans,” notes Stephanie Haskell, loan manager at Texas Tech FCU (14,050 members/$125.4 million in assets).  “The decision engine is incredibly robust and is allowing us to build thousands of custom rules. Our project team at CU Direct has given us immense support and we can’t thank them enough for their ongoing commitment to credit unions.”

Additional credit unions implementing the Lending 360 LOS are:

  • Sacramento, California’s Schools Financial CU (132,082 members, $1.8 billion in assets)
  • Waltham, Massachusetts’s RTN FCU (46,599 members, $873.4 million in assets)
  • Wichita, Kansas’ Credit Union of America (60,706 members, 702.2 million is assets)
  • Palmer, Alaska’s Matanuska Valley FCU (41,790 members, $467.5 million in assets)
  • Dallas, Texas’ Resource One CU (56,166 members, $454.5 million in assets)
  • Bel Air, Maryland’s Freedom of Maryland FCU (PSCU) (30,446 members, $289.2 million in assets)
  • St. Cloud, Minnesota’s Great River FCU (14,300 members,$162.5 million in assets)
  • Bristol, Connecticut’s First Bristol FCU (7,618 members, $87.9 million in assets)
  • Irving, Texas’ Las Colinas (11,168 members, $71.2 million in assets)
  • Dallas, Texas’ Employees CU (6,297 members, $66.1 million in assets)

The Lending 360 System’s powerful, and configurable, workflow engine provides credit unions with a single platform that automates loan application processing activity across all consumer lending channels.

“CU Direct is committed to assisting credit unions improve their member experience through innovative technologies,” noted Brit Barker, vice president of credit union solutions at CU Direct.  “We’re excited to be working with these new credit union partners, and helping them gain a competitive edge in the marketplace, and greater market share, by leveraging our platform’s capabilities.”

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