A South Dakota credit union and its mortgage lending arm are the first users of a new core processing platform from CU*Answers.
The CU*BASE SE (Servicer Edition) was created for vendors and CUSOs that use multiple core platforms to service specialized members products, the Grand Rapids, Mich., core processing CUSO said.
The first user is CU Mortgage Direct LLC, a wholly owned, direct lending CUSO of the $70 million Sioux Empire FCU in Sioux Falls, S.D., the company and credit union said.
CU*Answers said the new platform includes solutions for servicing mortgages and credit card accounts, as well as back office core processing for the CUSO staff and Web-based solutions such as online and mobile Web banking provided directly to members.
“CUSOs are everywhere today, servicing mortgages, business loans, credit card portfolios, even investments. They’ve done a great job at manufacturing process, markets and aggregate groups of credit unions. But far too often they are only the customers of third-party software solutions, and have not gotten into developing direct solutions that could support their CUSO for years to come,” said Randy Karnes, CU*Answers CEO.
Jeff Jorgensen, CEO of Sioux Empire FCU, said “partnering with CU*Answers on this first rollout of CU*BASE SE was an easy decision to make. We have a long history of collaborating together and building better mousetraps. Each endeavor has proven successful in bringing new services to our members.”