LAWRENCE, Mass.–Merrimack Valley Federal Credit Union here has selected LendingQB’s cloud-based loan origination solution (LOS) to streamline mortgage operations and provide the technological backbone to deliver a superior member experience, the company said.
Merrimack Valley FCU chose Costa Mesa, Calif.-based LendingQB to provide a modern, SaaS-based platform that can automate the mortgage underwriting and closing process, according to the company. In addition, the platform leverages strong best-of-breed integrations with hundreds of the leading service, including document preparation, compliance, mortgage insurance and title services. This best-of-breed model enables the credit union to select the vendors and services that best fit its specific needs.
“Credit unions are very focused on their members, and institutions like Merrimack Valley need tools that are adaptable to their specific needs and help them meet member expectations,” said Tim Nguyen, president of LendingQB.
Merrimack Valley FCU also uses MeridianLink, LendingQB’s parent company, for account opening. At the same time that the organization selected LendingQB, they also implemented MeridianLink’s LoansPQ consumer lending system, which is integrated with LendingQB and enables Merrimack Valley FCU member service representatives to initiate loan applications for consumer and residential loan products, the company said. By using the LoansPQ system, a member can be cross-qualified for all loan product types, with a mortgage application initiated in LoansPQ and then pushed to LendingQB via integration.
In addition to the technology, the company said LendingQB provides Merrimack Valley FCU with the information and service needed to maximize their investment. The company provides a combination of workflow analysis, best practices and training to help the credit union fully adopt and optimize the LendingQB LOS. This Adoptimization provides Merrimack Valley with a strategy to streamline their mortgage workflow, ensure compliance, and continuously improve their lending practices.