FARMINGTON, Mich. – Member Driven Technologies (MDT) reported it is expanding its partnership with Teledata Communications, Inc. (TCI) to offer a comprehensive consumer loan origination system, DecisionLender 4, to its credit union clients.
The company said that with DecisionLender 4, MDT now offers a single, cohesive platform for all of a credit union’s lending needs including indirect, direct and online lending, as well as account opening. The system streamlines the loan and account opening processes from application to funding, increasing process efficiency and allowing credit unions to process higher volumes of loans without requiring additional resources. The use of automated decisioning speeds the overall process and allows credit unions to process, underwrite, close, and fund loans efficiently within a single platform. Members benefit from increased interaction, as the system includes a two-way interface that updates borrowers about the status of their loans in real time, the company said.
“Lending has traditionally been a cumbersome, costly process for credit unions, which can often result in a frustrating member experience – but it doesn’t have to be that way,” said Barry Kirby, Vice President of TCI. “Our loan origination system simplifies and automates previously inefficient workflows, boosting speed and efficiency of the entire lending process. Our solution allows credit unions to reduce bottlenecks and complexities while ultimately enhancing the member experience.”
The company said DecisionLender 4 offers a flexible design that MDT’s credit union clients can easily configure to address their institutions’ specific lending criteria and workflow parameters, without requiring IT assistance. The platform includes a cross selling module that provides additional and relevant funding options. Integration is also a big differentiator, as the tool seamlessly integrates with third party providers for eSignature, imaging, online banking, and the SymitarmEpisys core processing platform.
“We strive to provide clients with the best possible tools to streamline processes and enhance all aspects of member service, including lending,” stated Larry Nichols, president and CEO of MDT. “DecisionLender 4 easily adapts to credit unions’ specific workflows, decision criteria and branding, allowing institutions to easily adopt the best loan process for their particular institutions. And, as business needs, member expectations and the regulatory mandates evolve, any updates can be made to the platform in real time. By equipping our credit unions with the tools to make better decisions faster, they’ll be able to successfully compete with both national institutions and the numerous alternative lenders and third parties in the market today.”