Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON — The guest speakers at the Mortgage Bankers of America’s 94th Annual Convention and Expo here Oct. 14-17 had that “Who’s Who” cache, with Richard Branson (Virgin Airlines) Bono (U2), Doris Kearns Goodwin (Pulitzer Prize-winning historian/author) and George Foreman (heavyweight boxing champion) on tap. A panel presentation on Oct.16 also featured Joe Brancucci, SVP at BECU, Tukwilla, Wash., and president/CEO of Prime Alliance on how the credit union has championed availability of the electronic delivery of mortgages.BECU recently had its first successful e-mortgage closing, and Brancucci gave the audience the vitals of BECU’s mortgage program and an overview of how it developed the member experience over time into a streamlined, efficient, member-friendly operation.A dose of reality and truth found Brancucci telling the crowd, “Getting a mortgage from the credit union was time consuming, fraught with miscommunication, displeasing to our members and horribly inefficient.” Members expected better service from the CU and BECU “routinely disappointed” in that sphere even while surpassing in other service and product deliver, he said.And while BECU “didn’t go paperless overnight,” it did make incremental steps leading to that goal “as technology and the industry allowed.” Members noticed immediately, said Brancucci. “Shortly after launching our online lending presence, more than 65% of our applications became self-originated by our members. No more waiting for an appointment. No more waiting for an answer. We then took the next paperless step: electronic disclosures. Not only were members pleased to have this information immediately rather than three days later, it saved us a significant amount of money.”Next came online/real-time updates that informed members about progress. The next hurdle was about taking the stress out of closing day. A big leap came when BECU could deliver every closing package to the escrow company one week before closing, allowing for a thorough and unhurried review by the closing agent. “We have many closing agents in Puget Sound who’ve remarked to our members that they really appreciate BECU closing packages because they’re on time or early, and they are accurate,” Brancucci said.Then, two years ago, BECU began electronically delivering the closing package to the member in advance of the closing. That way, if members have questions, they can call the CU. Going completely electronic and fully paperless is another, but probably not the final step. But it’s likely to be as well received as the earlier advances, he added.

Going Paperless

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.