WASHINGTON–CU Direct is rolling out a new end-to-end mortgage-lending platform that aims to position credit unions as every bit as convenient as some of the online mortgage offerings consumer see being advertised.
Called “Origence,” the company said it will feature flexible modules that integrate seamlessly into a credit union’s core system, and will include loan origination, processing, underwriting, closing, funding, and delivery via the one platform. The new solution is set to debut in July.
The company said it will continue to support its legacy Lending 360 Platform and other CU Direct loan solutions.
Chief Product Officer Roger Hull said with Origence, both consumers and credit unions will see a fully integrated member portal that includes the shopping experience, the application experience and the post-application experience all in one place. Hull said the platform will eventually incorporate a variety of loan types, including consumer and auto loans, and give the member the ability to compare pricing on loans (beginning with mortgages). It will even be able to present the consumer with a look at what their entire payment stack might look like.
Seamless Experience
Brian Hamilton, vice president of innovation with CU Direct, said one challenge Origence will help resolve is the current scenario where member service reps must pick the best loan product for the member and must do so by toggling between different disparate systems. Origence will allow the member to move between platforms and “tee up a very seamless experience,” he said. The goal is to keep the member connected to the credit union throughout the mortgage process, rather than allow them to drop off at some point and pick up with another provider.
Chief Marketing Officer Brian Hendricks said credit unions that are members of CU Direct will have the option of selecting all of the Origence solution, or choosing various pieces.
“We’ve decoupled the front and back end,” said Hull, who joined CU Direct in May of 2017 as part of an acquisition by the company and who has extensive experience in mortgage lending. He said CU Direct will integrate with whatever technology a credit union chooses.
Hull said the mortgage platform is scheduled to launch July 1, with the consumer platform to follow by the end of Q3. Plans further call for the introduction of automated document processing (ADP) by early Q3, as well. ADP automates numerous functions, said Hull, and offers as much as a 30% lift in efficiencies.
The three CU Direct executives spoke to CUToday.info during CUNA's recent GAC.
Developed in Innovation Lab
Origence was developed in CU Direct’s Innovation Lab, which was launched in early 2017 and which is located in Irvine, Calif. The Innovation Lab was designed to take concepts and push them forward to the point they bring a benefit to credit unions. To speed development, the idea that has become Origence was facilitated by the acquisition of a company that had the kind of platform that was being sought, along with its development team, which included Hull.
Hendricks said there has been a particular focus on research related to creating a deep user experience (UX) for both the credit union and its staff, in addition to the end-user members, with particular attention paid to ease of use.
“We’ve tried to get the process to be very frictionless,” said Hull. “We’ve looked at how to get to a quote in three minutes or less.”
The UX piece also includes a focus on reengagement with members using the CRM platform available from Intuvo, a company that CU Direct also earlier acquired. “They have some great consumer engagement to reengage consumers when they fall out (of the loan application) that redirects” the consumer, said Hull. “We want to do a better job of leveraging Intuvo.”
The One-Click Expectation
Hull acknowledged that consumer expectations have driven the launch of Origence, and that those consumer expectations have, in turn, been driven by advertising by fintechs such as RocketMortgage (even if in most cases the company cannot offer loan approvals as fast as it claims). But Hull said there is an even better example than RocketMortgage when it comes to consumer expectations: Amazon, and its “one click.”
Hamilton said in developing Origence, CU Direct’s Innovation Lab looked at outside channels and across other verticals to better understand user experiences.
“The journey mapping has not just been about the technology,” said Hamilton. “Some of it has been simply going to credit unions and watching their processes. Often times, people don’t understand just how clunky their processes are, because they’ve gotten used to it. We’ve done a lot of anthropological research.”