GTE Federal Credit Union Ratches Up Lending With Automation
The $1.5 billion GTE Federal Credit Union said it recorded an average increase of 83% in monthly lending volume in the second half of 2011.
The 177,000-member Tampa, Fla., institution began using a loan origination platform from MeridianLink of Costa Mesa, Calif., last April, the company and credit union said.
The MeridianLink system allows non-member and members to apply for loans online and handles indirect and in-branch lending.
“This was part of a strategy to both improve our efficiency with direct and indirect lending and to cast a wider net and target a broader geographic area,” said Tina Narron, vice president of Member Consumer Lending at GTE FCU.
Vehicle loans, credit cards and secured and unsecured personal loans are offered through the solution. The only loan products not serviced on it are mortgages and home equity lines, the credit union said.
Cross-selling also is accommodated, the company said.
“When someone applies for membership, the system is set up to read and integrate live credit data, which can be used to qualify and offer additional financial products – all automatically,” said Edward Guerin, vice president of Credit Union Development for MeridianLink.
Integration with its Open Solutions Inc. core processing system has been seamless, the credit union said.
The company said it now has more than 500 financial institution users of its online account opening and lending solutions.