WASHINGTON -- Bank-Fund Staff Federal Credit Union is now providing members with same-day approvals through the PowerSite loan-origination suite from Mortgagebot LLC.
The Web-based solution set allows borrowers to complete an application and get pre-approvals and a full set of disclosures in 20 minutes or less, according to Mortgagebot. The Mequon, Wis.-based company says it serves more than 700 mortgage providers, including more than half of the nation's 200 largest credit unions.
Bank-Fund Staff FCU, which has a worldwide membership, also is using the company's PowerSite Pro solution to allow loan officers to take mortgage applications, obtain credit reports and provide automated approvals from anywhere they have Internet access.
The $2.3 billion CU also is using PowerSite tools in conjunction with CUMAnet's national mortgage center to take mortgage applications by phone in the 45 states beyond the credit union's immediate area of the District of Columbia, Maryland, Virginia, Delaware, and West Virginia.
BFSFCU says its application-to-close "pull-through" rate has climbed from 40% to 80% as a result of the ability to combine phone and Internet service.