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One of the largest credit unions in Massachusetts, Metro Credit Union serves 180,000 members and manages more than $1 billion in assets. It provides a full range of financial products, including mortgages and home equity, auto and personal loans, with a focus on providing financial literacy and credit building services to moderate to low-income residents. Over the past year, Metro Credit Union began to expand its mortgage business, but was hampered by separate mortgage technologies that could not be used by both its operations staff and its sales team. Current systems also offered no help for meeting a growing number of compliance challenges facing Metro Credit Union, such as new federal mortgage disclosure rules due to take effect this summer.
Metro Credit Union began looking at five different mortgage technology providers, including Ellie Mae. After thoroughly examining the features and benefits of each system, Metro Credit Union decided that Encompass, Ellie Mae’s all-in-one mortgage management solution, had the greatest potential to help the credit union grow its mortgage business more efficiently. Encompass enabled banks, credit unions and mortgage lenders to originate and fund mortgages while improving compliance, loan quality and efficiency in the process. As a single system of record, Encompass can be used by everyone in the loan production chain.
Metro Credit Union began implementing Encompass in February 2015. According to Dawn Dawson, vice president of mortgage operations and secondary market manager, the implementation process has gone smoothly thanks to Ellie Mae’s “fantastic” implementation team.
“Initially, I was overwhelmed by the number of things Encompass could do, but it’s a very straightforward system,” Dawson said. “Encompass will make it a lot easier to hire, too, because so many originators are already familiar with it. That will definitely assist us in our growth.”
“We are thrilled to partner with Metro Credit Union to help them efficiently sell mortgages with quality and compliance,” said Jonathan Corr, president and CEO of Ellie Mae. “Metro Credit Union is committed to providing excellent financial services to its members, and would only choose a technology solution they can trust. We are proud they chose Encompass.”