Most credit union lending software and loan originations systems are set to gather the standard loan app questions about income, job security, and past credit history; but a credit union loan officer should be ready to dig deeper to understand an applicant’s current needs, as well as long-term goals. Here are five questions to guide a credit union loan officer to determining the best loan option per applicant and become a true financial advisor.
1) Do you expect any financial changes soon, such as a college tuition, remodeling parts of your home or a spouse to stop working?
2) What are your present housing expenses and are you comfortable with that amount?
3) What is your budget for monthly loan payments, and what are your savings goals in tandem with that budget?
4) Do you prefer having lower monthly payments or desire to pay off your debt more quickly?
5) If we can offer a lower interest rate and save you money, would you be interested in bringing external loans to your account here?
Bonus question: do you want to use mobile banking for the loan application process or for an easy way to pay your loans? As credit unions select and refine their member services platform to allow for complete integration of mobile lending within their mobile app, members are experiencing a seamless experience allowing for single sign-on access to all credit union products and services.
When members walk into a branch they expect to be helped by financial experts. It's not about how fast a member can be approved for a loan rather the quality of experience that can be provided. Talking through financial situations often times brings tangibility to a situation and clears up any doubt or insecurity about the unknown or fear of taking on new debt. Asking good questions can help start these conversations that peel back defensive layers and allow members to open up to the point that loan officers can give sound financial advice.
If your credit union lending software or loan originations system is in need of a spruce up for a smoother application process and more efficient use of member time, it’s vital to choose a lending solution that will allow for the customization of loan types.
