Mortgagebot Launches First Credit Union on Integrated Platform
LAS VEGAS — The $613 million University First Federal Credit Union in Salt Lake City recently became the first credit union to implement Mortgagebot LLC’s loan point of sale platform after the firm purchased a noted loan origination platform
The addition means Mortgagebot can offer end to end mortgage loan processing in addition to point of sale processing, according to the company based in Mequon, Wis.
Matt Cotter, senior vice president for Mortgagebot, who is attending the 16th annual American Credit Union Mortgage Association meeting in Las Vegas this week, said the integration between Mortgagebot and Avista, the developer of the loan processing software, moved faster than he expected and getting University First up on the platform was a significant milestone.
According to Cotter, University First did not have a mortgage loan software app prior to signing on with Mortgagebot. The new platform has already taken 50% of its loan volume after just three weeks, the company said.
Joseph Boekweg, vice president of lending for University First, said using the platform is like dealing with one system.
“Together they are effectively driving members through the application process and taking loans all the way to shipping to Fannie Mae,”Boekweg said.
University First serves 79,000 members.