LendingQB has announced that since implementing its end-to-end loan origination system (LOS), California-based Ventura County Credit Union (VCCU) has been able to effectively manage rapid growth, maximize productivity across operations, cut originations costs and ensure excellence in member service. Using LendingQB’s LOS, VCCU doubled its mortgage lending volume in just a 12 month period, and this was achieved with the addition of only one new staff member.
Because LendingQB’s end-to-end LOS utilizes a single database that is native to its platform, data can be effectively controlled thus reducing errors and eliminating manual touch points using a seamlessly connected workflow. Beginning at the point-of-sale (POS) through closing and funding, LendingQB’s browser-based design consolidates all of VCCU’s lending tasks onto a single platform that creates a true end-to-end experience.
“We’re seeing a big uptick in mortgage applications from our members and we needed one platform that could cost effectively manage our growth, keep us in compliance and ensure that our level of high touch interaction with members was not compromised in any way,” said Greg Uttal, director of lending at VCCU. “LendingQB proved to empower us to do more with less, reduce our cost per loan, optimize our lending practices and maximize employee performance. Unlike nearly all of the LOS platforms we evaluated, LendingQB was one of the few vendors that could completely run our mortgage unit using only a Web browser. There is no install whatsoever, which has really made it easy to use and virtually effortless to maintain."
Key efficiencies gained include:
► Browser-based LOS platform significantly reduced VCCU’s technology maintenance costs
► Single, all-in-one solution eliminated the previous need for additional applications
► Proprietary AUS increased VCCU’s pull-through rate with investors to 80 – 85 percent
► Doubled mortgage lending volume in just a 12 month period, having to add only one new staff member
► Improved organizational communications and response times, resulting in better member service
► Compliance issues are immediately caught and constant audits are automatically run throughout the origination and closing processes
► Scalability and flexibility of the platform has allowed VCCU to grow at a controlled rate
“We designed our LOS to flex and scale with all types of lending organizations to automate every single area of their lending processes as they grow and change with market conditions,” said Binh Dang, president of LendingQB. “Most LOS platforms on the market today are not browser-based and cannot take organizations to the next level for the long-term. They may suffice for the now, but they do not future proof an organization. The success VCCU has had since implementing our LOS and their ability to capture more market share while easily managing growth is a testament to how advanced our system is.”