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MortgagePoint November 2024

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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 40 November 2024 F E A T U R E S T O R Y financial circumstances. Fortunately, some lenders are increasingly adopting modern digital technology, which enables them to provide better service and support to military borrowers seeking to realize their homeownership dreams. One Lender's Approach F or decades, Service Credit Union has served the unique needs of military families seeking home financing. Origi- nally founded in 1957 to serve the Pease Air Force Base community, Service Credit Union has a robust $5 billion in assets and an extensive network spanning more than 50 branches across New England and Germany. Today, it stands as the largest credit union in New Hampshire, dedicated to serving members around the globe. Partly in response to the unique challenges servicemembers face, Service Credit Union recently implemented advanced digital technology to stream- line the mortgage process for its mem- bers, especially those facing frequent relocations due to PCS orders. Last year marked a significant milestone with the deployment of a cloud-built, brows- er-based digital mortgage platform that capitalizes on automation to streamline the entire lending process—from appli- cation to post-closing. The introduction of the platform in October 2023 transformed the way the credit union interacts with its members, regardless of where they are located. The platform includes a comprehensive, user-friendly point of sale (POS) system that allows military borrowers to shop for rates, loans, and pricing, submit an application, and sign documents online from any device. The POS system also guides borrowers through the process without a loan officer's assistance. All credit, pricing, conditions, and compli- ance checks happen automatically, and borrowers can receive digital disclosures ready to e-sign within minutes. Service Credit Union's new platform includes integrated document manage- ment technology, which enhance the efficiency of loan processing and reduces operational costs. Equally as valuable, the platform's cloud-based nature and modular design allow it to be seamlessly integrated with the credit union's exist- ing systems. While traditional, legacy LOS platforms often take six months or longer to deploy, Service Credit Union was able to go live on its new platform in just four months. The new platform also provides military members with a personalized mortgage experience, no matter where they happen to be stationed. The auto- mation tools embedded within the plat- form also helped the credit union's staff automate and expedite loan processing tasks, ensuring a streamlined process, and saving time and money for both borrowers and the credit union. Service Credit Union is helping military servicemembers navigate the complexities of home financing and keeping the American Dream within reach for those who defend it. And other lenders can offer the same level of con- venience and support, too—not just for their customers who are actively serving, but for all of them. How Digital Technology Helps D igital mortgage platforms offer considerable benefits not only to military members but also to the credit unions, banks, and other lenders that serve them. For starters, a digital mortgage process significantly reduces the time it takes to process and underwrite loans. This speed is particularly important for military per- sonnel, who may need to move quickly due to deployments or relocations. Be- cause modern digital mortgage platforms are typically browser-based and built and delivered through cloud environments, the platforms enable lenders to scale their operations more effectively in response to fluctuating interest rates. Doing so pre- vents them from having to go through the ugly cycle of hiring and firing staff during significant shifts in the housing market. Cloud-built platforms provide better security, allowing lenders to safely man- age loan processing data across multiple systems. Additionally, they are often built on an open API architecture that facilitates real-time data exchanges with third-party service providers, creating more seamless integrations that help lenders simplify complex interactions. And they typically include intelligent doc- ument management tools that leverage automated document classification and OCR so lenders can compare borrower data with their own business rules and clear loan conditions quickly. All of these features save lenders time and money, streamline the homebuying process for all parties, and improve cus- tomer satisfaction. Doing Our Nation's Heros Right O f course, every lender can benefit from adopting digital mortgage technology to deliver customized mortgage products to their borrowers, whether or not they are currently serving in the mili- tary. And with the Fed signaling it will drop key interest rates again, now is an ideal time to implement these innovations. For lenders, lower rates would mean both a potential increase in loan volumes and an opportunity to offer more com- petitive rates and flexible terms. With digital mortgage technology, lenders can accomplish both goals while avoiding the bandwidth issues that plagued them during the last refi boom. In short, it is a strategic moment for lenders to enhance their engagement with military borrowers. It is about more than creating greater efficiency and reducing costs—it is about making sure they have the same shot at homeowner- ship as everyone else. Adopting modern digital mortgage technology brings lenders one step closer to providing peace of mind and stability to families who live a life of mobility and uncertainty. Ultimately, by investing in digital technology, lenders can demonstrate their commitment to service that mirrors the commitment military families make to our country. This not only improves effi- ciency but also strengthens the founda- tion of our society by making homeown- ership an attainable reality for all.

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