CUNA Mutual Group and Teres Solutions Inc. said have integrated CUNA Mutual's online loan application system, loanliner.com, with the Teres Solutions SAIL lending automation platform.
The combined offering will allow loanliner.com credit union customers to provide their members with decisions on loan applications submitted via the Web. In addition, they will be able to streamline their lending processes from application submission to loan approval and funding, according to CUNA Mutual.
CUNA Mutual said it recently released an upgrade to the loanliner.com system that includes several enhancements. More than 12 million members currently have access to loanliner.com through 550 credit unions nationwide. In 2008, more than 550,000 applications were submitted using loanliner.com, representing more than $7.6 billion in requested credit and an estimated $4 billion in booked loans, the company said. More than 215 credit unions and financial institutions now rely on the Teres Solutions SAIL platform for their direct and indirect lending automation needs.
In addition to providing members with faster decisions on their loan applications, the integrated loanliner.com and SAIL platforms will help credit union customers streamline many other lending processes including instant origination of loan applications in SAIL, which eliminates the need for manual re-keying. Credit union customers will also be able to manage applications submitted through loanliner.com using the SAIL workflow and intuitive interface, reducing the need for additional training and consulting, CUNA Mutual said.
