CO-OP Launches Remote Underwriting Service
CO-OP Financial Services has launched a new service that will allow client credit unions to have loans underwritten through CO-OPs call center.
Dubbed CO-OP ExpressLink, the CUSO described it as “a cost-effective, efficient service through which credit unions can use the call center to underwrite indirect loan applications after-hours and on weekends.”
“Credit unions no longer need be confined by their office hours to approve loans from members who want a loan after business hours or over the weekend,” said Mark Chatfield, chief operating officer, CO-OP Member Center. “Using CO-OP ExpressLink, credit unions can have a lending officer ready to do business with their members after-hours, and approve indirect loans they were missing in the past.”
One of the first new indirect connectivity platforms is with CU Direct Corporation, parent to the CUDL brand, so the two companies are partnering to offer CO-OP ExpressLink to all CUDL lending clients.
CO-OP ExpressLink works on both CU Direct’s current CUDL Decision Manager and its new Lending 360 loan origination system, which also incorporates the CUDL Decision Manager decision engine, the CUSO said. These systems include powerful customizable workflow engines, enabling CO-OP Member Center to work with its clients to structure a workflow that allows CO-OP Member Center credit analysts to underwrite a credit union’s CUDL indirect loans.