SOURCE: Mortgagebot

Mortgagebot

August 13, 2012 14:54 ET

Knoxville TVA Employees Credit Union Sees 310 Percent Leap in Mortgage Loan Volume and Near-Zero Delinquency by Using Advanced Online Technology

MEQUON, WI--(Marketwire - Aug 13, 2012) - The Knoxville TVA Employees Credit Union (KTVAECU) deployment of Mortgagebot's® (www.mortgagebot.com) lending platform has pushed the credit union to the forefront as a leading full-scale lender in the Greater Knoxville, Tenn., region, with a $400 million loan portfolio and $1 billion in assets as of November 2011. In the last four years, the credit union underwent a 310 percent leap in its fixed-rate, first-mortgage loan volume, and carries a near-zero mortgage delinquency rate. The credit union's growth pattern since the 2006 adoption of Mortgagebot's lending platform, which provides comprehensive management of loan processing, including fully interactive online application capability and multi-channel flexibility, is unprecedented in the history of the institution.

Matt Cotter, senior vice president of sales and marketing, says KTVAECU's success stems from early awareness of its members' needs, followed by proactive measures to use technology to offer a full range of loan products, yet have capabilities to handle the drastic acceleration of lending activity. "We are thrilled to play a vital part in the credit union's emergence as a full-scale lender," says Cotter. "And we are confident of the efficiency and profitability potential of the Mortgagebot platform to continue enabling its monumental growth."

Dale Broome, KTVAECU's vice president of real estate lending, says the credit union originally projected achieving $1 billion in assets in 2013. "Reaching the $1 billion milestone occurred a year and a half before our projected target year," she says. "The root cause for this accomplishment and the immense acceleration of our loan portfolio size goes back to PowerSite, which has enabled us to solidify the relationship with our growing membership base."

Members' Needs Met

KTVAECU's transition to full-scale lending was in direct response to its members' needs. The credit union operated primarily as an equity lender, financing HELOCs and second mortgages. In 2006, however, it realized members needed longer-term loan products. "The demand was instantaneous. With both new and existing members taking advantage of our products, membership has grown to 125,000," says Broome. "No doubt [the Mortgagebot platform's] intuitive capabilities ensure an easy, straightforward application experience for members."

Mortgage Website Takes Center Stage as Members' Preferred Channel

Mortgagebot's ease-of-use and convenience quickly attracted members to the online site, making it the preferred application channel. More than 50 percent of the credit union's total applications come in through PowerSite, while more than 80 percent of borrowers who start an application online submit a complete application. Its "smart" capability, which adjusts questions based on a borrower's answers and gives borrowers the capability to complete the application process in less than 20 minutes, greatly facilitates each member's application process, including those submissions completed with little or no loan officer assistance.

The cloud-computing technology provides a number of conveniences to members -- such as round-the-clock availability and instant access to rates, fees, and products -- that have helped drive the credit union's dramatic increase in mortgage volume growth. In fact, KTVAECU consistently holds the first or second largest market share among credit unions in the Knoxville, Tenn., region.

Elevated Quality of Member Service

The Mortgagebot platform's automated features, including data entry into the credit union's loan origination system, let loan officers work unhindered. "The loan-approval process progresses like a constant, reliable stream, with no interruption in processing," says Broome.

The technology's built-in flexibility also helps KTVAECU maintain its personalized approach to member service. Because it tracks the progress of online applications, the credit union can identify and follow up on unfinished applications. "A loan officer personally contacts the applicant to address any unresolved issues," says Broome. "The follow-up oftentimes results in a submitted application."

The technology's flexible configuration lets the credit union tailor its loan approval process and create relationship-building opportunities with members. The credit union configured the solution to assign every submitted application to a loan officer, who personally then contacts the member. Establishing direct contact with the applicant in the work hours immediately after a borrower submits an application online lets the credit union further solidify its ties with members. Moreover, its intuitive capabilities help ensure each submitted application is complete and error free. "Because the Mortgagebot platform has already retrieved essential information about the borrower's preferences, the loan officer can focus on other vital aspects of loan approval and best serving members," says Broome.

About Mortgagebot
Mortgagebot (www.Mortgagebot.com), a D+H company, has led the industry since 1997 by providing the unique, award-winning, proven, preferred lending platform for lenders to take applications in every mortgage business channel: consumer-direct via the Internet, in the branch or call center; or through professional loan officers.

Mortgagebot blends deep mortgage experience with innovative SaaS-based technology to create scalable and affordable websites for more than 1,200 banks and credit unions nationwide. Lenders large and small view the Mortgagebot platform as a "must-have" solution because it helps them deliver a superior borrower experience, increase volume, and compete more effectively. The technology is also flexible and easy to use, with a rapid and proven implementation process.

Mortgagebot also offers Mortgage Marvel (www.MortgageMarvel.com), the award-winning mortgage-shopping service that delivers accurate, anonymous, real-time rate quotes in seconds from a selection of hundreds of lenders. But Mortgage Marvel uniquely enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get pre-approved with fully compliant disclosures, all in about 20 minutes.

Mortgagebot, Mortgagebot PowerSite, and Mortgage Marvel are registered trademarks of Mortgagebot LLC, a wholly owned subsidiary of Davis + Henderson Corporation.
Other products and/or services are the property of their respective owners.

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