Callahan recently published their 2014 Credit Union Impact Report . Chief among the impact statistics was lending. Callahan reports that $354 billion was lent to credit union members in 2014, resulting in a 14.2% increase in consumer lending. These are heady numbers, especially when compared with 2015 lending projections. US experts predict that auto loans will hit record highs in 2015 ($407 billion), according to CNBC. TransUnion has also reported that CU executives anticipate mortgage loan growth in 2015.
Is your core processing system delivering the lending tools that will help you capitalize on the real and projected growth in lending?
Your credit union core processing system should support you and your loan products. True creative lending from within the core includes teaser rates, skip-a-pays, variable rates and terms, mortgage servicing, mobile lending, indirect lending, loan decisioning and loan modifications. Each of these creative functions can be delivered and managed from within your credit union core system. Additionally, document integration is a core function from application to closing documents. Signature capture and electronic document processing need not be an afterthought. Centralized and de-centralized processing controls should also be offered, based on individual need and staffing.
As credit union member habits change, your loan products will need to change with them in order to capture their attention and fund their next car or home purchase. Lending to your members should be seamless and fast and it doesn't have to include multiple third-parties to make it happen. Download our Creative Lending eBook to learn how FLEX can increase your loan processing efficiency.