Ohio CU Uses POS Software to Help Dominate Local Mortgage Market
Lima, Ohio-based Superior Federal Credit Union said it has used the efficiency of its the integrated point-of-sale to dominate its mortgage market by achieving 25% market share of mortgage loans, or five times the national credit union average.
The credit union services a $660 million portfolio, an increase of about $390 million since November 2008 when it launched the PowerSite integrated point-of-sale solution from Mortgagebot of Mequon, Wis., and has also decreased processing time by 50% and doubled the capacity of loans in each loan officer’s daily workload.
Results from 2011 show the 46,000-member CU recorded $165 million in loan volume, closing 1,500 loans through its mortgage center and CUSO. Mortgage activity in 2012 is also set to outpace 2011, with nearly 1,000 loan applications and $35 million in loan volume in the first two months alone, the credit union said.
Michelle Snyder, vice president of Superior’s mortgage department, called the IPOS critical in sustaining performance. “PowerSite allows us to quickly and accurately deliver loan information and decisions to our members, CUSO partners and referral partners,” she said. “Once we integrated PowerSite into our system, we gained mobility and were able to capitalize on its benefits.”