Building Engines for the Future of Loan Origination Systems

In 2016 CU*Answers committed to the idea that we would accept a lending opportunity from any outlet in the credit union industry. Since then we have built both a ready-to-look system (using our originations) and a ready-to-book solution (using third-party originations). We continued that commitment in 2018 as we completed our first third-party LOS integration engine that credit union employees will use directly, via Sync1 and Meridian Link. We’ll also continue to develop bridges to more mortgage origination software with the Fannie Mae 3.2 format.

As outlined during the 2018 Leadership Conference, here are our plans for building four LOS engines:

Engine 1: CU*BASE Native Soup-To-Nuts (S2N) LOS Solution

  • Current status: 1 vendor, 225+ credit union teams
  • 2019 plan: Add a 2nd decision model vendor (Experian)
  • Future plans: Continued priority investment based on what we learn from other integrations, and based on keeping costs down for our community
  • Strategies, tactics, and drivers: Native; the launchpad for everything lending.  Interactive and complex messaging, designed for every eventuality.

Engine 2: CU*BASE Integrations for Ready-To-Look LOS Solutions

  • Current status: 7 vendors, 81 credit union teams
  • 2019 plan: Continue to evolve solutions with our 9 vendors
  • Future plans: Drive aggressively to make sure CUs are multiplying their chances to harvest loan applications from anywhere
  • Strategies, tactics, and drivers: Extend your lending outlets; use the tools where your members are.  Step 1: One-way message to give an opportunity to the CU; Step 2: Engage CU*BASE for the close

Engine 3: CU*BASE Integrations for Ready-To-Book LOS Solutions

  • Current status: 1 vendor live (Sync1) with 1 on the way (Meridian Link), 2 credit union teams
  • 2019 plan: Two new vendors scheduled to go live in 2018 betas, launch network-wide in 2019
  • Future plans: Choice generates revenue for the CUSO; maximize the revenue and build a new foundation for investment
  • Strategies, tactics, and drivers: Specialty LOS and options for your staff’s toolkit.  Step 1: One-way message to get the info about the member; Step 2: One-way message to give an opportunity to the CU; Step 3: Engage CU*BASE to create the loan

Engine 4: CU*BASE Integrations for Internet Channel LOS Solutions

  • Current status: 1 vendor, 125+ credit union teams
  • 2019 plan: Complete internal beta with Forms Generator, launch network-wide in 2019
  • Future plans: Do all of this in the virtual realm
  • Strategies, tactics, and drivers: A revolution is coming: working with authenticated vs. non-authenticated consumers. There will be versions of all of the above as we develop more complex solutions natively and with 3rd-party vendors

View the slides from the 2018 Leadership Conference presentation

Chefs for this recipe:  Pete Winninger and Geoff Johnson

July 2, 2018

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