The CUNA Mutual Group says it has integrated MeridianLink’s loan origination system, LoansPQ™, with CUNA Mutual Group’s loanliner.com® platform, including its Smartphone Loan technology and AskAuto® app. The connection provides more than 225 credit unions and 12 million members with seamless decisioning and data transfer capabilities.
“This seamless integration allows a credit union member car shopping on a lot the ability to research a vehicle, apply for a loan, and know on the spot if they are approved or declined,” said Chuck Cashman, technology leader, CUNA Mutual Group.
Credit unions are adopting online lending strategies at a rapid rate, especially in the mobile channel, which means credit unions need connectivity between their online lending application and their loan origination system, Cashman explained.
“Combining our loanliner.com platform with MeridianLink’s loan origination system just made sense,” said Cashman. “It will allow us to offer higher quality products that seamlessly integrate and are simple to use.”
For example, when a credit union member uses CUNA Mutual Group’s Smartphone Loan technology or AskAuto app to complete their loan application via loanliner.com, the data is automatically and securely transferred to MeridianLink’s loan origination system, LoansPQ. The loan is then decisioned using the credit union’s own decision criteria set-up in LoansPQ. A decision is returned and displayed in loanliner.com for the member, and then the loan officer completes the loan processing in LoansPQ.
The CUNA Mutual Group says connectivity between these two systems provides credit unions the following benefits:
Eliminates the need to re-key loan data, resulting in reduced keying errors;
Transfers up to 140 data fields from loanliner.com to LoansPQ, resulting in time savings for lending staff;
Increases loan process efficiency, resulting in the ability to provide members with a higher quality online lending experience;
Transfers data in real-time, resulting in a faster, more efficient loan process for the loan officer and a better overall experience for the member;
Ability to automatically provide a loan decision to the member in real-time, resulting in a higher quality member experience, and
Provides consistent decision responses to members no matter what channel the loan originates from.
For more information, please visit www.cunamutual.com.