Sandia Laboratory Federal Credit Union Partners with MeridianLink® LoansPQ® for 168% Application Growth
COSTA MESA, CA (PRWEB) October 24, 2017 -- MeridianLink®, developer of the financial industry's first multi-channel loan and new account origination platform, today announced that Sandia Laboratory Federal Credit Union has seen significant growth in both applications received (+168% over the year since go-live) and total funded loans (+135%) as a result of using LoansPQ®. The MeridianLink solution also helped the Credit Union produce 3,300 more funded loans than they did the prior year.
Sandia Laboratory Federal Credit Union’s (SLFCU) ten branches support more than 89,000 members and over $2.4 billion in assets, serving its primary membership base in Albuquerque, New Mexico and Livermore, California. In recent years, lending management, led by Diane Kapuranis, VP of Lending, saw challenges in meeting members’ needs. They recognized that something had to change.
In early 2015, upon completing the due diligence process to replace its Loan Origination System (LOS), SLFCU decided to move forward with MeridianLink. Attracted by the navigation and look-and-feel of MeridianLink’s member-facing applications, they felt confident in their selection. They also knew that the enhanced communication capabilities, extended communication and web messaging would benefit their member base by keeping all the right parties informed during each stage of the lending process.
Following a smooth deployment, the new solution enabled them to integrate CUDL directly into LoansPQ, but also gave them the flexibility to benefit from the DealerTrack dealer base. With the member-facing website up and running, they appreciated the control that MeridianLink’s solution afforded them.
SLFCU has seen success through the deployment, and has directly benefited by standardizing underwriting. From the dealer’s perspective, the ability to utilize SmartApproval has substantially reduced the amount of processing required from the dealer, improving acceptance rates and reducing bounce backs.
“By feeding everything through the decision engine, we are able to provide timely and consistent decisions to dealers. This improves our relationships,” said Diane Kapuranis.
Using a combination of MeridianLink’s easy online application portal with powerful cross-selling capabilities as part of LoansPQ’s Dynamic Workflow Environment, SLFCU has seen dramatic results. Key features including queues, workflows and task lists have all helped to improve efficiency, processes and communications, empowering the team to focus more on personal member service and business goals, rather than managing administrative tasks and data entry.
A cumbersome process that, in the past, took 30 minutes per applicant, now takes just seven-ten minutes per applicant, improving the member experience and encouraging a positive start to their relationship with the new members. SLFCU is now working on implementing web-based new account openings through MeridianLink’s XpressAccounts® for indirect members.
MeridianLink’s software is the most mature loan origination and new account opening platform available, and the company has maintained its position on the cutting edge of advancement and innovation since 1998. The MeridianLink platform has been proven to increase loan volume as well as reduce loan production costs and is integrated with most core processors and over 200 third-party systems and product providers.
Those interested in learning more about improved loan growth at Sandia Laboratory Federal Credit Union can download a case study at the MeridianLink website.
About MeridianLink
MeridianLink, Inc., developer of the industry's first multi-channel account opening and loan origination platform, is a leading provider of enterprise business solutions for 20,000+ financial service organizations. The company’s passion for excellence is reflected in their web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, California, MeridianLink is committed to creating smart solutions that deliver real value. For more information, visit http://www.meridianlink.com.
Doug Wheaton, MeridianLink, http://www.meridianlink.com, +1 (714) 708-6950, [email protected]
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