AUSTIN, Texas—Instant property reports are expected to be high on credit unions’ wish lists for 2019, says FirstClose.
“For 2019, many credit unions have expressed an interest in investing more in technology to make their operations more efficient,” said Amanda Green, senior account executive at FirstClose. “Specifically, they are focusing on ways to upgrade their mortgage lending processes through instant property reports.”
She emphasized that credit union lenders are looking for property information to be delivered to them instantly so they can expedite a traditionally tedious process.
“Their members want to know immediately when they’re approved for a loan, when they can close and when they can expect their money,” Green said. “That’s why the New Year’s resolution for many credit unions is to shorten the time in fulfilling that expectation from their members.”
Automating The Process
Green noted that before making a loan, a credit union lender must collect key documentation surrounding the property, including the title work, flood zone status, an evaluation of the property and previous owner information.
“In the past, and even still today with some institutions, the process of obtaining this information requires a considerable amount of money and typically takes seven to ten business days,” she said. “As the process has traditionally been paper-based, the underwriter must often call, email, or even fax to complete research on each property, including an appraisal of the property, county records and obtaining deed history.”
Instead, many credit union lenders are now considering software that takes care of this entire process for them, and provides all the documentation they need through one source.
“An instant property report amalgamates property value, ownership information, liens, tax status, judgements and more in real time. It instantly collects data from various sources and provides the information to the credit union in one comprehensive package,” she said.
This streamlined, more efficient process helps lenders cut back on the time it takes to turn a loan around, Green told CUToday.info.
“This time saved means that members and lenders alike are happier with the process. Members are happy because they are able to close on their loans faster. Lenders are happier because their time is now freed up, allowing them to do more business,” Green said. “Being able to work faster and more efficiently makes sure that members stay satisfied and the institution stays competitive.”
Investing in software that provides instant property reporting should be at the top of every credit union’s list of resolutions for 2019, emphasized Green.
“Credit unions will find that this investment will pay them back tenfold in terms of happier members and valuable time, money and resources saved,” she said.