With many Credit Unions closing their lobbies once again as a result of new waves of Covid-19, it’s critical for members to be able to carry on everyday transactions, such as processing and receiving approval of loans.
Even during uncertain times, significant purchases need to be made. Two of the most common loans, auto and home improvement, require substantial amounts of paperwork, but mortgages require perhaps the largest amount of time and effort.
Indeed, one of the most exciting experiences in life is buying a home—but it’s also one of the most stressful. There’s a large financial commitment involved, and the length of time it takes getting the loan approved can be overwhelming as well.
According to Realtor.com, the mortgage process takes roughly 30 days. Mortgage lender Quicken estimates it’s even longer at 47 days. A large amount of time is spent by the credit union and the loan applicant gathering information and sending documents back and forth. Efficient document handling helps streamline the loan process and get documents approved quickly. Integration with Eltropy partners IMMeSign and Docusign for e-signatures is key to helping members become new homeowners.
Text Messaging Eases Document Handling
Many members are used to going to a branch for loan services. However, with many branches closed or open limited hours, members are becoming increasingly comfortable with corresponding with their credit union using Text Messaging. Every part of the lending process, from sending a loan offer to closing an approved loan and everything in between, can happen quickly and safely through Text Messaging.
Let’s imagine a member fills out a mortgage application on her Credit Union’s website. The CU then sends her a text, advising her that her application has been accepted. The message includes an encrypted link, where she can locate personalized information pursuant to her loan as well as securely submit any necessary documents. When asked to submit an ID, for example, Emma can take a photo of her license using her phone, open the Credit Union’s app and submit it through the secure portal. It’s possible for members to receive loan approval in just hours, where previously it took several days.
Two-way Text Messaging provides members the flexibility to ask questions during the process. People also tend to respond quickly to Text Messaging, thereby decreasing the overall loan processing time. Credit Unions can also alleviate member frustrations by sending automatic loan status updates. Keeping members up to date will reduce the volume of phone inquiries to the loan officers.
Using Text Messaging for secure document handling not only helps improve member satisfaction, but it also helps Credit Unions receive quicker member responses to document collection requests—for IDs, salary verification, bank statements, etc.—which lets them process more loans in the same amount of time. Text Messaging can be easily tracked and those metrics shared with loan officers who gain actionable insights into the members’ document loan journey.
Although lobbies may be closed, Text Messaging has allowed members to continue to take advantage of all of a credit union’s financial offerings. Lending money to make dreams come true is still very much a part of the Credit Union’s daily operations. Eltropy is proud to partner with CUs to help members achieve their goals.