Now, credit union staff launch MBL applications with the click of a button instead of a flurry of paperwork and staff activity. With a link to the credit union’s online loan application (customized for its branding and credit standards) and the secure portal, members complete the MBL application at their convenience and sign it electronically, even after business hours. They can upload any tax returns, financial statements, or other required documents as they track them down, even if it’s one-by-one over several days. Conducting business online has been especially important during the pandemic, when phone calls and video conferences replaced branch visits and virtually all face-to-face meetings for members and staff.
“The loan application process is a lot easier,” Bather said. DFCU’s business relationship manager now spends a
lot less time producing applications, asking members for documents, and scanning paper files into the system.
Startt agreed. “It allows us to process things faster, because they can just upload it to the portal, and I get an email notification in the portal saying that it’s there,” she said. “I love that.”
DFCU provides members with a better, faster experience. They see what’s needed to move forward, motivating them to complete applications and upload all documents to start the decisioning clock. Small loans are handled especially quickly.
“Our loans under $50,000, which we primarily do through [Abrigo's] Loan Decisioning can be completed within one to two days," compared with a previous turnaround of between three and four days, Startt said.
DFCU Business Relationship Manager Timothy O’Connor especially likes how a borrower’s information is automatically ported over when a new loan application for them is created. “If they come back and say I need to buy another three properties, we’ve got everything in Sageworks,” O’Connor said. That speeds up the process dramatically.
“It’s a selling point for me,” he added. “I go in there and tell them….once we get you in the system, if you want to buy another truck, it’s just putting in the details of the collateral and updated financials. It helps with referrals for us.”
It also saves the lender a lot of time. Based on the number of repeat-borrower loans DFCU did last year, O’Connor says Abrigo’s streamlined process saved him a combined 40 days of work.
“It allows us more time to work on annual renewals, collecting documents, making phone calls out to clients – just all of the different things we have to do,” he said. “I think it’s a big reason we were able to do a lot of loans last year, because it makes us more efficient.”
Even with credit and lending staff rotating between the office and working remotely during the pandemic, DFCU hasn’t missed a beat processing its pipeline. Key to this efficiency is the Sageworks Workflow product from Abrigo, which notifies staff when a loan is ready for the next step.