Enhancing the Member Experience Starts With Your Technology

A high-functioning mortgage servicing platform can help you improve the member experience, while also mitigating risk and improving efficiencies.

by Sandra Madigan, Executive Vice President, Product Strategy – Servicing Technology, ICE Mortgage Technology

Credit unions are highly regarded for their personalized, member-centric service. But despite these high-touch service levels, it can still be a challenge for credit unions to keep pace with larger retail banks and consumer-direct lenders that offernew services and competitive rates.

One way to compete and retain your members is to make an investment in your mortgage servicing operations. Streamlining loan processes, responding more quickly to member needs and developing proactive campaigns will help credit unions compete, resulting in improved retention and more business.

Consider the following key factors when evaluating loan servicing systems.

Enhancing Operational Efficiency

Your servicing team’s bandwidth may be limited, but the right system can help you do more with the resources you have, while also driving down costs through increased efficiency.

Quality servicing systems require constant innovation and investment to deliver the latest advancements and help credit unions take servicing operations to the next level, such as advanced decisioning and exception-based workflow tools. Capabilities like these can further simplify the servicing process for end users, resulting in increased efficiencies and lower costs.

Ideally, a servicing platform should support efficient processing from loan boarding to disposition, with all tasks flowing seamlessly across the platform to drive performance, and toimprove communication and collaboration. This powerful efficiency can significantly increase the number of loans processed per full-time employee. The presentation of tasks and information is key to driving efficiencies within a servicing operation.

Improving the Member Experience

A premier mortgage and home equity loan servicing platform can help credit unions deliver the best possible experience to their members. This is critical in today’s high-rate environment, as prospective homebuyers are eagerly shopping around for the best products and rates. The right technology can help you take proactive steps to retain them.

Today’s homeowners want quick and simple access to their loan and property-related information – anytime, anywhere. They also want answers and responsive action faster than ever before. Credit unions can meet these expectations by providingconvenient, self-service tools that give members the power to access real-time information without picking up the phone.

For example, integrating a white-labeled mobile app and responsive web solution you can custom brand to your credit union helps deliver the digital access to loan information customers expect. Integrated technologies like these not onlyprovide convenient, self-service tools for members, but they can also help reduce stress on your busy customer service teams as it can reduce calls to the call center.

What’s more, these capabilities can support retention. By making it quick and simple to explore refinance options and “what if” scenarios, members may be more likely to pursue a refinance with you rather than shopping around. Similarly, it may work in a credit union’s favor to make property and neighborhood data accessible to members so they can compare attributes of their homes with others in their neighborhood.

Getting Started

Selecting the right loan servicing system requires careful evaluation of each solution. If you’re ready to begin your evaluation process, be sure to ask many questions to technology providers to find the best fit for your credit union’s operations.

When comparing the servicing system providers, it’s important to identify an integrated servicing ecosystem. You want a technology partner that represents the future of servicing automation and is backed by ongoing investment in innovation that will help keep credit unions ahead of the ever-changing mortgage market.

Learn more about the industry’s most used loan servicing system – MSP® – and the value it can bring to your servicing operations.