RICHLAND, Wash.–Already strained to find qualified mortgage processors, and that was before the recent decrease in mortgage rates drove volumes even higher, the $3.9-billion Gesa Credit Union turned to Digital Align to begin identifying bottlenecks in its mortgage process in January 2020. By March, Digital Align, a business process strategy and business transformation firm, went to work to transform the end-to-end mortgage process, and the resulting efficiencies gained have helped Gesa CU through the skyrocketing volume, according to the credit unions.
Currently, 60% of Gesa’s mortgage process has been automated, implementing digital assistants for all aspects of the mortgage process, from application through closing, the CU said.
“At Gesa, we are always looking to streamline our processes to serve more members, control expenses and increase revenue – all while providing the best member experience possible,” said Gesa CU CEO Don Miller. “Digital Align’s domain expertise and solutions aligned really well with our needs.”
Added Gesa CU CIO Raj Bandaru, “We’re handling the highest mortgage volumes ever in the history of Gesa, and we’re not adding staff.” Gesa increased its funding volume by 4X a month, even with staff working from home due to coronavirus, and growing.
Gesa Vice President of Mortgage Lending Randy Wacker noted that at 125 applications the credit union used to be overwhelmed, but now, at 300 applications, it’s busy, but “not hair-on-fire busy.”
Automation has helped keep employees focused on serving Gesa’s members rather than repetitive task work, the credit union explained. A mortgage application might have one field missing or 25 fields missing, which required significant staff time. After Digital Align installed Gesa’s digital assistants, the assistants identify those and gather the information. Data has become more consistent, creating fewer compliance issues, and the credit union is experiencing a decrease in overtime, the credit union said.
“We’re very pleased with the results Gesa Credit Union has achieved by modernizing and streamlining its processes,” Digital Align Co-Founder/CEO Rajesh Patil said. “Our team’s blend of experience in both the credit union and the tech worlds gives us the insight necessary to diagnose issues and apply the appropriate tools to fix them. We’re looking forward to seeing what solutions we can provide to Gesa’s consumer lending, commercial lending and deposit services teams next.”