Consumer lending insights in the video come from TruStage’s 2025 Consumer Lending Preferences Study. 2025, March. TruStage^TM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis.

LPS-8248416.1-0825-0927

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The Innovation Series is celebrating 2026 with a diverse slate of finalists whose breakthroughs are reshaping member experience, data and business intelligence, lending, employee engagement, fraud prevention, and digital member engagement — all with the power to help credit unions thrive in a rapidly evolving marketplace. Register for the Innovations In Reimagining The Lending Experience webinar  on Thursday, March 12th at 2PM EST.

Read on to learn more about this year’s finalists in lending:  Cloudvirga, Enable Technologies, Fuse, Suntell.

Cloudvirga:

Describe your Innovation:

Tropos is a configurable loan point-of-sale (POS) platform that sits in front of the loan origination system, connecting the core and third-party services through a unified, API-driven experience. The platform manages borrower and sales staff interactions, data intake, document collection, and real-time validations while seamlessly passing clean, structured data into the LOS. By acting as an intelligent engagement and integration layer, Tropos improves data quality, reduces rework, and enables credit unions to deliver faster, more consistent digital lending experiences without modifying their core or downstream systems.

What opportunity or challenge does it address?

Credit unions face increasing pressure to deliver modern, digital-first lending experiences while operating on fragmented legacy systems that were not designed to work together across all loan types (residential mortgage, consumer, auto, etc). Disconnected cores, LOS platforms, and third-party services often create inconsistent member experiences, duplicate data entry, and operational inefficiencies that slow decisioning and funding. Tropos addresses this challenge by acting as a flexible point-of-sale layer that unifies borrower and staff interactions, standardizes data capture, and integrates seamlessly with existing systems — allowing credit unions to modernize lending experiences, improve data quality, and scale efficiently without costly core or LOS replacements.

How does it increase member value?

Tropos increases member value by removing friction from the lending experience and giving members a faster, more transparent path from application to funding. By unifying data capture, document collection, and third-party integrations within a single point-of-sale experience, Tropos reduces repetitive questions, minimizes errors, and shortens turnaround times. Members benefit from intuitive digital interactions, real-time status visibility, and fewer follow-ups — while credit unions deliver a consistent, high-quality experience that reinforces trust, loyalty, and long-term member relationships.

What differentiates this innovation from competitors?

Tropos is differentiated by its role as a true system-agnostic point-of-sale layer that decouples the member experience from the underlying LOS, core, and third-party providers. Unlike POS solutions that are tightly coupled to a single LOS or require time-consuming and expensive customization, Tropos uses easily configurable workflows, API-driven integrations, and real-time customizations to adapt to each credit union’s existing ecosystem. This allows credit unions to modernize the member experience, maintain flexibility to change downstream systems, and avoid vendor lock-in—while preserving control over data, compliance, and operational processes.

Enable Technologies:

Describe your innovation.

Enable is redefining origination by bringing deposits and loans together on a single, AI-driven platform. We’ve built a unified experience that works seamlessly across digital, branch, and call center channels, powered by AI that guides both end users and frontline staff in real time. It’s not incremental improvement but rather it’s a fundamental shift in how financial institutions originate full long-lasting relationships.

What opportunity or challenge does it address?

For years, credit unions have been forced to operate with fragmented systems. One for deposits, another for lending, whereby creating friction for members, staff, and operations teams. Enable eliminates that disconnect. We address the growing need for speed, simplicity, and intelligence while helping institutions keep pace with rising expectations, compliance complexity, and competition from larger banks and fintechs.

How does it increase member value?

Members and business owners get faster decisions, fewer handoffs, and a more intuitive experience whether they’re opening an account, applying for credit, or bundling products in a single journey. Behind the scenes, AI helps surface the right products, answers questions instantly, and reduces errors which ultimately translates into better service, stronger relationships, and higher satisfaction.

What differentiates this innovation from competitors?

Most platforms still treat deposits and loans as separate workflows. Enable was built from day one as a unified platform with AI embedded at the core – not bolted on. As a member of the executive leadership team, I’ve had the great privilege of seeing Enable evolve rapidly alongside our amazing client partners — such as Nuvision Federal Credit Union ($3.9B, Huntington Beach, CA) and Meriwest Credit Union ($2.1B, San Jose, CA) — incorporating real-world feedback into smarter automation, conversational AI, and flexible configuration. That pace of innovation and our ability to deliver value quickly is what truly sets Enable apart. What further differentiates Enable is the experience behind the platform. Our founders and executive leadership team bring decades of hands-on experience partnering with more than 50+ credit unions with a proven track record of delivering on commitments and turning vision into reality. That history of execution exellence and the long-standing trust we’ve built with innovative credit union partners is something we take great pride in and continue to earn every day.

Fuse:

Describe your Innovation:

Fuse is an AI native loan origination system (LOS) and account opening (AO) for credit unions and other consumer lenders. Fuse is backed with $25M+ from the top-tier investors behind Chime and Alloy, being used by 100+ institutions including Navigant Credit Union ($4.1B, Smithfield, RI) and is the one LOS that FIS re-sells to top 50 banks (selected after reviewing 10+).

Credit unions need to automate to compete with the fintechs and top 10 banks. All traditional LOSs say their platform can deliver “up to 100% automation,” but since that has not materialized in decades, credit unions are rightfully skeptical. This is why Fuse sells its proactive automation money-back guarantee:

• Proactive: Many CUs stall on automation because their staff is overwhelmed with the needs of the day to day. We know people are 71% more likely to go to the gym if there’s a personal trainer nudging them, and Fuse implemented a similar nudge. Every two weeks, the CU meets with a Fuse automation specialist who showcases the automation opportunities identified by our Proactive AI Lending Copilot, and the aligned automations get implemented by either Fuse’s team or the CU. The goal is to get 1%+ more automated every week, leading to >60% true improvements year on year.
• Money-Back Guarantee: CUs are skeptical of being promised opportunities that then do not materialize. That is why Fuse implemented the first industry money-back guarantee in both product capabilities and company practices. Our contract incorporates guarantees so they do not need to rely on salesmanship or nice words. Some examples:
  • Product Capabilities: The system is able to decision on 100% of their core data and board 100% clean applications to their core without post-boarding clean up. The system can lead to 100% auto-decision based on any field or source of data.
  • Company Practices: Integrations are free forever (install and maintain), can be self-built by the client in a 100% open ecosystem or built by Fuse with a guarantee of delivery in under one month, and can be bought directly from partners rather than through mark-ups of up to 2x.
  • Implementation risk coverage: Fuse deploys its own team to run the full implementation rather than relying on CU staff, and assumes the risk on timelines by tying commercial commitments to agreed go-live dates, including covering additional costs from the prior LOS if those contracts need to be extended.
  • Ongoing improvements: After go-live, Fuse contractually commits to meeting every two weeks to review and implement new automation opportunities and provides real-time chat support with short SLAs and an assigned team that knows the institution’s configuration and can unblock issues quickly.

What opportunity or challenge does it address?

The core issue is automation skepticism arising from failed vendor promises, forcing CUs into costly manual processes that hinder staff focus and member experience. Fuse counters this with an AI-native LOS platform offering proactive automation with a money-back guarantee. This shifts risk to Fuse, ensuring guaranteed, measurable improvements in efficiency, staff utilization, and member satisfaction through modern technology.

How does it increase member value?

• Streamlined process with no rekeying: Fuse pulls data directly from the core, so members are not asked to enter the same information twice.
• Flexible channel hopping: Members can start an application online and finish it in the branch, or the other way around, without losing progress.
• More valuable staff interactions: With staff work reduced two- or three-fold, employees can focus their time and energy on sharing advice and cross-promotions.

What differentiates this innovation from competitors?

• • Model: Legacy LOS deliver a system, then rely on tickets and internal bandwidth. Fuse takes ownership for automation outcomes, not just feature delivery.
  • Technology: Our AI copilot continuously scans underwriting and funding workflows in production to surface concrete automation opportunities. Institutions can move toward near-total automation while setting their own pace and risk thresholds.

• Operating cadence: Every two weeks, our team meets with the credit union, reviews real data and brings specific rule, workflow and integration changes, then helps implement them so improvements actually go live.
• Alignment with credit unions: We do not charge for integrations and keep an open ecosystem, so credit unions can use the partners and tools they prefer without extra friction or hidden costs.

Suntell:

Describe your Innovation:

Square 1 Credit Suite is Suntell’s purpose-built credit lifecycle platform for member business lending at credit unions. It was designed specifically to help institutions bring MBL in-house and scale it responsibly, rather than relying on adapted bank systems, outsourced workflows, or external decisioning models.

Square 1 standardizes how business credit is evaluated, documented, and reviewed, allowing lending teams to make faster loan decisions while maintaining consistent credit standards. By creating clarity across lenders, reviewers, and leadership, credit unions are better able to explain decisions, support exam expectations, and deliver a more predictable experience for business members.

The innovation behind Square 1 is its focus on credit discipline as a growth enabler. Credit unions retain ownership and control of their lending process, enabling them to modernize MBL operations in a way that strengthens member relationships rather than outsourcing them.

What opportunity or challenge does it address?

Credit unions face increasing demand for member business lending, but many struggle to grow MBL without slowing decisions or losing consistency. Manual processes, fragmented tools, and lender-to-lender variability often lead to longer turnaround times and difficulty clearly explaining outcomes to members, boards, and examiners.

To manage this complexity, institutions often rely on manual workarounds, spreadsheets, email-driven processes, or disconnected systems to bridge gaps in the lending process. While these approaches can help in the short term, they can limit control, reduce transparency, and make it difficult to scale MBL in a sustainable way.

Square 1 addresses this challenge by giving credit unions a structured framework to manage business credit internally. The opportunity it unlocks is responsible growth. Institutions can move faster, maintain disciplined credit standards, and deliver more consistent experiences for business members without introducing unnecessary complexity.

How does it increase member value?

Square 1 increases member value by improving how credit unions respond to business lending requests. By standardizing credit analysis and credit file content, lending teams reduce rework and delays, resulting in faster loan decisions and clearer communication with members.

For business members, this creates a more predictable and transparent experience. Decisions are based on consistent credit standards rather than individual interpretation, which builds trust and confidence in the credit union as a reliable financial partner. Members spend less time waiting for updates and more time focusing on their businesses.

By enabling credit unions to manage member business lending internally, Square 1 also strengthens long-term relationships. Credit unions maintain direct ownership of decisions and outcomes, allowing them to support local businesses with dependable access to credit while staying true to their cooperative mission.

What differentiates this innovation from competitors?

Square 1 is differentiated by how it aligns with the operational reality of member business lending at credit unions. In many institutions, MBL teams operate with distinct workflows and priorities that differ from enterprise-wide banking systems.

Square 1 was designed to deliver value within that environment by providing a cohesive credit lifecycle framework for underwriting, credit file consistency, and portfolio oversight. Institutions are able to improve credit discipline and decision speed without first undertaking complex, enterprise-scale integration projects.

This allows credit unions to strengthen member business lending without overengineering their technology environment. Teams can focus first on credit consistency, decision quality, and adoption, while maintaining flexibility to evolve processes and integrations over time as needs change.

Check Out The Other Innovation Series Categories

• Employee Enablement
• AI-Powered Member Experience
• Data And Decision Intelligence
• Fraud Prevention And Resolution
• Digital Member Engagement

The post Meet The Finalists For The 2026 Innovation Series: Reimagining The Lending Experience appeared first on CreditUnions.com.

This article explores how credit unions can simplify compliance, reduce risk, and improve member experiences by rethinking their approach to loan servicing.

Why Compliance Is So Challenging For Credit Unions

Unlike larger financial institutions, credit unions often operate with lean teams and limited resources. That makes it harder to keep up with the ever-changing regulatory environment. From application management to collections, each phase of the loan lifecycle carries its own set of compliance requirements — many of which vary by state and loan type.

Key compliance touchpoints include:
• Loan Application Management — Ensuring adherence to non-discrimination laws and identity verification protocols.
• Origination And Pricing — Navigating interest rate caps, usury laws, and fee disclosures.
• Data Collection And Analytics — Safeguarding sensitive borrower data and complying with data usage laws.
• Payment Processing — Maintaining secure, auditable systems that meet fraud prevention and AML standards.
• Borrower Communications — Training staff to avoid misleading information and ensuring proper consent.
• Collections — Following strict guidelines around timing, communication frequency, and third-party agency practices.

The Case For A Smarter, Outsourced Approach

Managing all these requirements internally can be overwhelming. That’s why many credit unions are turning to outsourced loan servicing platforms that are built with compliance in mind.
These platforms offer:
• Automated updates to reflect the latest regulations.
• Built-in audit trails and reporting tools.
• Expert-led support teams who stay ahead of regulatory changes.
• Scalable infrastructure that grows with your portfolio.
By outsourcing, credit unions can focus on member service and strategic growth — while leaving the compliance heavy lifting to specialists.
“We automated our servicing with defi SOLUTIONS and were able to decrease 276 manual tasks in a single queue down to only 5 tasks,” one captive lender reported. “That’s a workload reduction of 98%!”

How defi SOLUTIONS Helps Credit Unions Stay Ahead

At defi SOLUTIONS, we’ve designed our platform to meet the unique needs of credit unions. Our cloud-based solution automates loan servicing tasks while maintaining full visibility and control. With configurable workflows, secure data handling, and compliance-first architecture, we help credit unions deliver exceptional service without compromising on oversight.

Whether you’re managing a small portfolio or scaling rapidly, our platform adapts to your needs — so you can stay compliant, confident, and member-focused.

Ready To Simplify Compliance?

Let’s talk about how we can help your credit union streamline loan servicing!

The post Navigating Loan Servicing Compliance: A Smarter Path For Credit Unions appeared first on CreditUnions.com.

As DOE Downsizes, Could Private Student Lending Upsize?

Although the complete abolishment of the DOE is unlikely, downsizing the department has begun. There have also been some rumblings about limiting or eliminating Parent Loans for Undergraduate Students (PLUS) and Graduate PLUS loans, which account for more than $24 billion in annual originations. That could have a sizeable impact on the demand for private student lending, which is roughly half the volume of the current PLUS and Grad PLUS programs.

Even with PLUS loans remaining a key cog for parents and grad students in 2025, credit unions will have a tremendous opportunity to deliver better value via their own private student loan programs. Interest rates on Federal PLUS loans — a direct competitor to private student loans — are likely to be set at their existing level — 9.08% — or even higher. These rates are set in May and based on the 10-year Treasury note high yield plus a margin. High rates on PLUS loans, coupled with a 4.2% origination fee, give credit unions the chance to step up and provide a better deal.

Uncertainty remains, of course, but reading the tea leaves points to an emerging opportunity for private lenders, including credit unions.

A Pressing Member Need

Meanwhile, students and their parents need help navigating a complex and uncertain college funding process. Spring is when many graduating seniors decide which university they will attend and returning students look to shore up financing for their next academic year. Regardless of the ongoing political turmoil, these kitchen table financial needs won’t wait.

That’s where cooperatives have an opportunity to step in. Credit unions were founded to provide solutions for unmet financial needs within their communities, so it’s no surprise that more than 700 credit unions nationwide now offer some sort of education lending product.

Ensure your credit union’s lending solutions meet families’ most pressing needs. As the demand for responsible higher education financing continues to grow, your credit union can provide affordable and flexible funding that families can rely on as they plan for the future.

Long-Term Member Value

With the average credit union member’s age hovering around 53, it’s likely you have a strong member segment of families with college-age children. Your community or field of membership might also include local colleges or universities. At the same time, many credit unions struggle to attract younger generations who can generate a lifetime of member value.

Connecting with new young adult members can be as simple as offering reliable and affordable education financing solutions, which then serve as the foundation for lifelong member relationships. Based on analysis of Student Choice’s private student loan data, we’ve found that after 13 years, the average PSL borrower has opened 2.5 auto loans and two mortgage loans either within or outside the credit union. Meanwhile, their average FICO score has jumped to nearly 800 as their average annual income has reached $125,000. These are new members and lending opportunities credit unions simply can’t afford to miss!

Next Steps To Take Right Now

Student lending is a niche product. Finding a partner whose offerings align with your strategic goals can help you enter the market easily and develop a sustainable program that runs efficiently.

Rolling out a program doesn’t have to be difficult or costly; an experienced CUSO partner like CU Student Choice provides customizable plug-and-play solutions with no need to hire additional credit union staff or worry about expensive technology integrations. In fact, the Student Choice team can have your program up and running in about 30 to 45 days. From understanding an evolving market to establishing program parameters and marketing support, this private education solution involves a low lift for a high return.

Contact us to learn more about how CU Student Choice can make it simple to offer profitable student lending solutions that your current and future members can rely on.

The post Are New Opportunities On The Horizon For Private Student Lenders? appeared first on CreditUnions.com.

Heritage Family Credit Union ($773.4M, Rutland, VT) has teamed up with the City of Rutland and the Vermont Treasurer’s Office to increase affordable housing in the community.

Heritage Family kicked off its Roofs Over Rutland initiative in October 2024 with an $8 million investment the state made available to the credit union at the low rate of 1%. In turn, Heritage Family is lending that money back out via programs that range from construction and renovation loans to HELOCs and business lines of credit.

“We’ve had pretty exciting results with nearly $6 million in requests thus far,” says Chris Gomez, CEO of Heritage Family. “We’re optimistic in another month or so we’ll have our first ribbon cutting where we’re taking an offline house online.”

A Shared Goal

As with many parts of the United States, Vermont faces a worsening housing crisis. In Rutland, the state’s third-largest population center, fewer than 1,000 new housing units have been built since 2000. Additionally, many existing homes have outdated systems that require costly repairs. The housing situation has put a strain on the local economy and even prevented local employers from filling positions.

Roofs Over Rutland aims to tackle all that by providing benefits for everyone: the credit union, area officials, employers, and residents themselves.

Gomez attributes much of the program’s success to the relationships he built with legislators after becoming CEO in 2023. He joined the board of commissioners for the Vermont Housing Finance Agency in April 2024 at the request of Governor Phil Scott. That’s where he got to know Mike Pieciak, state treasurer for Vermont.

“It’s exciting to see an energetic elected leader at such a high level really listen to constituents each and every day,” Gomez says of Pieciak. “It isn’t about politics. It truly is about addressing the need for housing and thinking creatively about how to do so.”

Likewise, the willingness of Gomez and the team at Heritage Family to consider fresh solutions makes the credit union an ideal candidate for a state government partnership.

“How do we take tasks that are normally solved by the private market or politicians and use our not-for-profit status to reinvest and take risks?” Gomez asks. “What can we control? Well, we can offer affordable rates and take on this task of bringing units online.”

From Funding To Family Housing

Heritage Family has earmarked $3 million of the state’s $8 million investment for housing projects with one to four units; $5 million is earmarked for larger developments. It also has divided its work under Roofs Over Rutland into two initiatives. Initiative 1 includes a business line of credit, a business term loan, and a residential home equity loan in amounts up to $150,000. Initiative 2 includes a renovation loan designed to bring previously unoccupied rental units back to market and a construction loan for ground-up new properties.

“We’re doing all of this in our commercial lending arm, so it’s not as complex as a residential mortgage,” Gomez says.

To apply for a Roofs Under Rutland loan, a homeowner or developer must submit an initial request to the City of Rutland, which reviews the request to ensure the property meets location guidelines. After that, borrowers begin a loan application with HFCU. The credit union reviews applications on a first come, first served basis, and its mortgage and business services teams work with applicants throughout the process to gather documentation and provide guidance.

When it comes to making the loan, the credit union passes on the state’s low rate to borrowers. It pays the state 1% in interest for that $8 million investment and determined the cost to cover the work of holding the loans is 2.5%. So what does it charge members? 3.5%.

“The state has loaned us these funds on the backs of Vermonters,” Gomez says. “We are not looking to make money on that. That’s the privilege of being not-for-profit.”

For Gomez and his team, they’ll consider Roofs Over Rutland a success when there is nothing left.

“We want to get that $8 million out the door,” the CEO says. “That directly correlates to total units served.”

As of early January, the credit union had approved 57 units for a total of $5.37 million.

The Credit Union Difference

Gomez says it’s essential for credit unions to leverage what sets them apart from other financial institutions.

“We are not-for-profit with a beautiful tax exempt status that we care for and want to sustain,” he says. “The way to do that is to do things that are better for the community and not necessarily for the bottom line.”

After funding “sells out” and the credit union puts that $8 million to good use, Gomez says he hopes to continue working with state officials to expand the Roofs Over Rutland idea to other municipalities in both Vermont and surrounding states.

“We’ve always liked to punch above our weight class,” Gomez says. “Taking on large tasks has always been part of our ethos. Even though we’re $800 million in assets, we’re doing some things multibillion dollar organizations have the balance sheet to do.”

Does Your Mortgage Strategy Meet Members’ Needs? Comparing your lending strategy against local competitors, peers in your asset range, or credit unions with similar business models supports better-informed decision-making and underpins stronger strategies. Schedule a one-on-one session with Callahan & Associates to review your free performance report. Schedule your mortgage performance session today.

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A new year means a new opportunity to make smart investments for your credit union. There are many products, services, and solutions to sift through in the marketplace, so how do leaders decide which one is best for their credit union? The Vendor Showcase on CreditUnions.com asks vendors to break down the problems they solve and highlight what makes them stand out in a crowded industry.

Click “read more” below to learn about each supplier.

Baker Hill

Website: bakerhil.com
Headquarters: Carmel, IN
Service Areas: Business Lending, Lending, Loan Originations Systems

What unique challenge do you help credit unions solve? At Baker Hill, we believe in community. We are in the business of evolving loan origination by combining expertise in technology with expertise in banking. Built on decades of walking alongside credit unions as they provide vital resources to their members and communities, Baker Hill NextGen® is a configurable SaaS solution with a single database for all aspects of commercial, small business, and consumer loan origination – from request through renewal – that grows along with you as your business needs evolve.

Why should a credit union work with your organization in 2024? As we celebrate our 40th anniversary in 2024, Baker Hill still believes that credit unions are vital to the communities they serve, and our focus is on enabling a seamless and efficient loan origination process that provides a superior experience for members and employees alike. Baker Hill NextGen® enables you to exceed your member’s expectations throughout the entire loan origination process with a comprehensive digital lending experience while providing the tools your teams need to work smarter and make data-driven decisions that drive growth and effectively manage risk.

What’s the best way for a credit union to learn more about your company?

Credit unions that would like to learn more can visit our website at https://www.bakerhill.com or get in touch with our team at https://connect.bakerhill.com/creditunions to request a consultation.

COCC

Website: cocc.com/
Headquarters: Southington, CT
Service Areas: Data Processing, Online Banking, Operations & Technology

What unique challenge do you help credit unions solve?

COCC, an industry-leading fintech provider, redefines the concept of partnership by collaborating seamlessly with credit unions to deliver top-tier digital technology solutions and advanced support services. From offering personalized user experiences across digital platforms through premium industry design standards, multi-branding capabilities, integration with over 100 fintechs, delivering a 24/7 call center for digital banking and more, COCC recognizes the unique challenges in today’s dynamic financial landscape. COCC is committed to being a strategic ally and keeping credit unions at the forefront of technology and service.

Why should a credit union work with your organization in 2024?

COCC delivers innovative, comprehensive technology solutions and strategic partnerships with an unparalleled focus on service. Offering a robust, feature-rich suite of modern, standards-based core and digital banking solutions, COCC’s cutting-edge systems are designed with intuitive user interfaces and are fortified by advanced APIs which seamlessly facilitate leading fintech integrations. Consistently ready to adopt and embrace emerging technologies, COCC remains agile and forward-thinking, meeting the demands of a rapidly evolving financial landscape where live real-time functionality matters. COCC is forever dedicated to assisting community financial institutions with remaining strong and competitive by providing the technology, support, and expertise needed to succeed.

What’s the best way for a credit union to learn more about your company?

To learn more about how COCC can partner with your credit union, visit our website www.cocc.com.

Creatio

Website: creatio.com
Headquarters: Boston, MA
Service Areas: CRM/MRM, Operations & Technology, Virtualization/Cloud Services

What unique challenge do you help credit unions solve? Creatio offers one platform for credit union business processes and CRM that enables credit unions to improve member experience, boost operational excellence, and accelerate time-to-market for new financial products and services. With a strong footprint in the financial services industry, we understand the intricacies of the financial market and provide a tailored approach that allows credit unions to succeed in a highly competitive marketplace. Our innovative CRM solutions redefine how credit unions engage with their members via automation, personalization, and AI-powered intelligence, ultimately driving growth and ensuring long-term success in a rapidly evolving financial ecosystem.

Why should a credit union work with your organization in 2024? Partnering with Creatio gives credit unions a head start on unlocking unparalleled growth and operational efficiency. Creatio specializes in delivering cutting-edge CRM solutions uniquely designed for the financial sector. By choosing Creatio, credit unions gain a competitive advantage in a spectrum of digital transformation initiatives, seamlessly adapting to industry shifts and elevating member experiences. Our innovative technology empowers credit unions to optimize operational efficiency, grow deposits, streamline lending, personalize member interactions, and confidently navigate the evolving financial landscape. Collaborate with Creatio to revolutionize your approach, ensuring not just adaptation but leadership in the dynamic world of finance, ultimately driving sustained growth and success for credit unions.

What’s the best way for a credit union to learn more about your company? To explore the transformative potential of the Creatio solutions for credit unions, the best way to learn more is by reaching out to our dedicated team. Connect with us through our website at https://www.creatio.com/industries/credit-unions, where you can access detailed information, schedule a personalized demo, or contact our knowledgeable industry experts for tailored insights into optimizing your credit union’s CRM strategy.

CRIF Select

Website: crifselect.com
Headquarters: Atlanta, GA
Service Areas: Auto, Auto Lending, Indirect Auto Lending

What unique challenge do you help credit unions solve? CRIF Select solves the challenge of growing your auto loan portfolio. CRIF Select’s many offerings including dealer market management and program consulting, empower lenders to simplify their auto loan process every step of the way. Our streamlined processes enable lenders to enhance operational efficiencies, resulting in a scalable auto lending model. Choose CRIF Select to accelerate your auto loan program.

Why should a credit union work with your organization in 2024? This year, learn how CRIF Select can be a true partner for all your auto lending needs. Leverage our integrated, technology-driven solutions to begin or enhance your indirect auto loan program. Our lending solutions can be tailored to suit your auto lending needs both big and small. Experience expedited processes every step of the way. From shorter approval times that lead to faster auto loan funding, CRIF Select can help improve your auto loan process and create a better experience for your members.

What’s the best way for a credit union to learn more about your company? Learn more about CRIF Select by visiting our website at https://www.crifselect.com or contact our CRIF Select sales team at sales@crif.com.

MemberCare, an APCO Holdings Company

Website: membercare.com
Headquarters: Norcross, GA
Service Areas: Auto, Gap Insurances, Indirect Auto Lending

What unique challenge do you help credit unions solve? MemberCare is focused on the success of your program to create healthier loans and generate more non-interest fee income for your credit union. We take the complex out of vehicle protection programs. We offer a best-in-class program fully supported by training and marketing materials. We keep our process and program as simple as possible.

Why should a credit union work with your organization in 2024? MemberCare’s main priority is your member and their experience. We provide modern, comprehensive vehicle protection products in the financial institution space. Member experience and fee income are at the top of everyone’s list and we can help your credit union protect more members, and provide a better experience that will deepen your relationship with them while simultaneously increasing your fee income.

What’s the best way for a credit union to learn more about your company? You can learn more about MemberCare by visiting us at https://membercare.com/creditunions/ or complete this form online https://hubs.ly/Q02cyYPD0 to have a representative contact you.

myCUmortgage

Website: mycumortgage.com
Headquarters: Beavercreek, OH
Service Areas: Mortgages, Mortgage Processes, Mortgages Subservicing

What unique challenge do you help credit unions solve? As a mortgage CUSO, myCUmortgage will provide scalability to help you stay in front of changing market conditions and member expectations for mortgage originations and loan servicing. We offer comprehensive partnership plans including wholesale, correspondent, and a full-service end-to-end solution.Through our partnerships, we provide customized solutions with access to our digital systems and experts for training, marketing, originations, processing, underwriting, servicing and secondary market access. Plus, you have the flexibility to incorporate your portfolio loans and choose to retain servicing. We partner with credit unions nationwide to strategically grow their mortgage business to help them become GREAT mortgage lenders!

Why should a credit union work with your organization in 2024? Sharing your credit union philosophy for service, myCUmortgage is a true partner who provides expertise and options. With the combined strength of a variety of product offerings (including government loans), our collaborative Loan Origination System and knowledgeable staff, we can help you achieve the goal of closing loans within 25-30 days with the service you and your members expect. myCUmortgage also services mortgages throughout the life of the loan, assisting your members with both an online portal and Member Care. When members are ready for their next loan, we guide them back to you.

What’s the best way for a credit union to learn more about your company? Learn more in the ways that work best for you—plus, we want to learn about you! Reach out to our Credit Union Development Managers for personalized insights into how myCUmortgage can strategically grow your mortgage business and enhance your members’ experience: contact Denise Stewart and Dawn Rudie at sales@mycumortgage.com. You can also learn more about our mortgage CUSO offering scalable solutions at www.mycumortgage.com. Elevate your mortgage lending capabilities with myCUmortgage as your dedicated partner in achieving efficiency, speed and service excellence. Let’s talk! Equal Housing Opportunity. NMLS #565434.

The post 2024 Vendor Showcase appeared first on CreditUnions.com.

• Mortgage servicing fees declined 3.5% year-over-year among participants in Callahan Associates Non-Interest Income Study. Slowing mortgage sales to the secondary market in the first quarter meant less servicing fee income earned through NII channels
• After robust real estate activity caused mortgage origination fees to rise 142.9% in the 12 months ending March 31, 2021, a slowdown in the number of mortgages originated during the following 12 months caused origination fees to halve through 1Q22.
• Even though fewer homes were sold in the first quarter of 2022 compared to a year ago, higher home prices kept the dollar amount of real estate originations high. The median listing price of a home in the U.S. increased 26.5% to $404,950 from March 2020 to March 2022.
• The number of mortgages slowing was a result of few available homes on the market after a frenzy of buying the past two years.

Above data are for credit unions who participate in Callahan’s Non-Interest Income (NII) study. If you would like more information on how to participate, email analystsupport@callahan.com

The post Mortgage Slowdown Cuts Origination Fees In Half appeared first on CreditUnions.com.

Virginia Credit Union ($3.4B, Richmond, VA) has added 100 new positions in the past two years, boosting its FTE count to 674 as of March 31, 2017, according to data from Callahan & Associates. The Old Dominion credit union has tapped talent from unexpected places, including a lead data scientist from a large bank and an innovation specialist from the auto industry.

“These new managers are leading the effort to create a smarter, next-best-product model and foster a more pioneering culture” says executive vice president and chief information officer, Chris Saneda. “Meanwhile, a data management effort at VACU requires finding talent with experience and the ability to learn while incorporating data warehousing, governance, retention, and reporting into everyday life.”

“Our traditional approaches will not keep us competitive in this hyper-changing world” Saneda says. “We need to learn and change direction in rapid fashion and with less risk.”

Despite how specialized these positions are, there also exist commonalities when it comes to recruiting any position within VACU. That’s why the credit union has developed a few power resources including LinkedIn, staffing agencies, internal promotions, and employee referrals for its hiring, says president and CEO Chris Shockley.

“Our good reputation in the marketplace has helped us with recruiting” Shockley says. “And our employees advocate for VACU among job seekers.”

Seek A Servant’s Warm Heart, But Don’t Be Afraid To Offer Cold, Hard Cash

“We look for someone who has a passion for serving others” says Michael Dougal, chief human resource officer for the past four years at 165-employee Patriot Federal Credit Union ($580.5M, Chambersburg, PA).

The Keystone State cooperative also offers a $500 bonus to staffers who successfully recruit a new employee.

“When recruiting for member-facing jobs, we look for candidates with experience in the service industry and who are excited about our servant-leadership philosophy” Dougal says. “If that doesn’t come through on the initial phone screen, the applicant generally does not advance to an in-person interview.”

Read more in Changing The HR Culture, One Coaching Session At A Time.

Think In Pieces

Linda Bodie’s title at Element Federal Credit Union ($31.2M, Charleston, WV) is Chief + Innovator. That innovation includes hiring parts of people.

“Sometimes you can’t get 100% of the desired skill set think marketing, graphic design, video creators, storytelling, and campaign creation” Bodie says. “If we can’t get the ideal person, we get multiple pieces of the position through third-party consultants, agencies, and sole proprietors. We can fill a very specialized role by doing this.:

When it comes to hiring an entire person for her 16-member staff, Bodie says employee referrals have produced the best candidates.

“Employees are good at sharing our culture with potential new hires” the chief innovator says. “Standard recruitment methods yield typical bankers’ and that’s not what we look for. We hire for personality and culture and a commitment to member needs. Then we teach them the mechanics and processes.”

Pay For More

State Employees’ Credit Union ($36.5B, Raleigh, NC) offers a nice perk to potential hires: 100% reimbursement for the cost of a two-year, college-transfer program degree through the Tarheel State’s community college system.

That helps fill the front-line needs of the credit union’s network of 257 branches ? including several that also house contact centers. Such a decentralized approach is part of SECU’s long history of serving the specific needs of its communities and adapting to what the local workforce offers.

Workforce skillsets and availability vary widely across the state, and local managers use the hiring strategies that work best in their location, says Leigh Brady, executive vice president of organizational development at the nation’s second-largest credit union, which employs 6,232 FTEs, according to data from Callahan & Associates.

“Our managers have done a great job of adapting to changes and recruiting via career fairs and word-of-mouth advertising” Brady says. “Our local advisory board members also refer candidates.”

The 29-year SECU veteran adds “We have some work to do in terms of automating the application process and applicant tracking. But the local decisioning process is working well.”

Read more in A Staffing Strategy With Social Benefits.

Put ‘Em On The Spot

Patelco Credit Union ($5.7B, Pleasanton, CA) uses a heaping helping of technology including LinkedIn, Indeed, and Glassdoor to attract candidates and manage the hiring process.

And although many credit unions are in a tough job market, the Bay Area credit union is in a particularly tough one.

“The greatest challenge for us is our location” says Susan Makris, the 662-employee credit union’s senior vice president and chief human resources officer. “We’ve targeted advertising on Glassdoor to generate not only awareness but also interest in Patelco’s mission.”

That mission includes building the financial health and well-being of members as well as making a difference in the lives of members and employees. But even the best candidates on paper and during the interview can perform flatly when it comes to member service. That’s why the credit union conducts pre-screen interviews by webcam and smartphone for member-facing positions such as in the contact center.

“If you can come across as an engaged candidate on the screen in an interview, you’ll likely be able to also effectively engage members” Makris says.

Patelco uses iCIMS applicant recruiting and tracking software. Find your next technology solution in Callahan’s online Buyer’s Guide.

Know Your Deficiencies

Turnover at Simplot Employees Credit Union ($19.7M, Caldwell, ID) has hit 50% in the past few years. But then again, the tiny shop has only eight employees.

Working in a small credit union has taught CEO Val Brooks a thing or two about covering all the skill sets needed to run a financial institution.

“I look for skills in others that are not my strong suits” Brooks says. “For example, I’m not an accountant, so I’ve surrounded myself with people who are strong in accounting.”

Five of nine employees have left the credit union and one position was eliminated since Brooks arrived five years ago. Planning for turnover is important at any credit union, but it’s essential in institutions with such limited staffing. That’s why Brooks has several ways to identify potential hires.

“I look to current employees to recommend people who would fit with our team” Brooks says.

She also uses her own network of credit union contacts and says two of her six hires have come from the state employment site.

Read How This Single-Sponsor Credit Union Hangs Tough to learn more about how new products and old-fashioned service are helping Simplot Employees succeed in a new age.

Shop For Staff

The headhunters at Lake Trust Credit Union ($1.8B, Brighton, MI) evaluate their own shopping experience when visiting local retailers.

“When we’re wowed by the experience, we talk with the employee about the potential of working for Lake Trust” says Brandi Winchester-Middlebrook, the credit union’s vice president of culture and engagement.

That’s one of several strategies Lake Trust uses to find the right people for the job.

With 388 employees and the most turnover in application development, contact center, and branch positions the Wolverine State credit union keeps an open mind for finding that perfect hire.

“There’s not one channel that works all the time” Winchester-Middlebrook says.

Dig Deep, Even If You Don’t Have To

Debbie Almirall, president and CEO at the 25-employee Minnesota Power Employees Credit Union ($96.5M, Duluth, MN), says strong community relations is one of her best sources for the right hire.

“We’ve been fortunate that people have been calling us to work here due to our relationships in the community” says Almirall. The relationship hires have been great and so has our last group of teller hires.

But just because MPECU has a deep hiring pool doesn’t mean it just plucks out any old applicant.

“We interview a ton of applicants until we find the right fit” the CEO says. Taking more time and waiting for the right people has been the key to our success.

Look Long-Term

Navy Federal Credit Union ($81.5B, Vienna, VA) has approximately 14,000 employees and 300 locations. It also employs a variety of tactics to find the right hires.

“We tailor our talent acquisition strategy to the position” says Michelle Kaufman, vice president of employee services. “We use external job boards to post positions, we’ve developed partnerships with universities, we attend community events and job fairs, and we use LinkedIn.”

Once on board, Navy Federal provides professional and personal development opportunities and programs starting from day one and continuing throughout an employee’s career.

According to Kaufman, that’s one factor that earns Navy Federal accolades as a great place to work from publications like FORTUNE and People. Knowing employees have long-term employment prospects also shows up as a variable in the credit union’s Great Place to Work Trust Index Survey.

Go Back For The Future

Peninsula Community Credit Union ($175.5M, Shelton, WA) has found that sometimes the best new employees are old ones.

The 62-employee Evergreen State credit union, which serves the westernmost city on the Puget Sound, sees turnover in its branches for the same reason as any other credit union: family, moving, school, and other employment opportunities.

It might sound counterintuitive, but the credit union has found ex-employees who did their jobs well and embraced the member service ethos are good targets to fill open positions.

“Contacting former employees to see if they’re interested in returning and being flexible in the job negotiations might prove beneficial” says Gail Ryan, vice president of human resources and a 40-year employee of the credit union.

Ryan also touts the virtue of patience.

“Filling a position just for the sake of getting someone hired most likely will cause more issues in the long run” Ryan says.

The post 10 Ways To Make A Great Hire appeared first on CreditUnions.com.

CU QUICK FACTS

The Ohio Educational Credit Union
Data as of 12.31.16

HQ: Cleveland, OH
ASSETS: $129.2M
MEMBERS: 17,437
BRANCHES: 4
12-MO SHARE GROWTH: 2.1%
12-MO LOAN GROWTH: 22.0%
ROA: 0.08%

The Ohio Educational Credit Union is ($129.2M, Cleveland, OH) making money by making leases, taking advantage of its already strong business as an indirect lender in its northeast Ohio market.

OHecu has generated $650,000 in net income from its indirect leasing program since launching it in 2014, says longtime chief financial officer Art Boehm.

According to Callahan’s Peer-to-Peer database, OHecu was one of only seven credit unions in its $100 million to $250 million asset class nationwide to offer automotive leasing in 2016.

At year’s end, 93.2% of OHecu’s auto loans were from indirect lending, ranking it 142^nd among all credit unions nationwide that use the channel. Of the 2,251 total indirect loans on its books, 644 were leases.

The indirect lending and leasing business is countering the downward trend occurring in direct lending, Boehm says. Indeed, although OHECU’s overall loan portfolio grew 8.1% in 2016, its leasing pot grew by 37%.

Innovative products? Strategic new services? Callahan’s Strategy Lab is a great way to help leadership teams think outside the box while staying inside the credit union’s four walls. Find out of this program is a fit for you.

Spreading The Bread And Butter

According to Boehm, leasing is a logical product for OHecu.

Art Boehm, CFO, The Ohio Educational Credit Union

Auto lending has always been our bread and butter, he says. Many of our members already preferred leasing over purchasing, and indirect leasing provided an avenue to capture new leasing business that would end up with the banks and captives.

The credit union already had a well-established network of dealer relationships, and with a broad field of membership that includes employees, retirees, students, and alumni of educational systems within Ohio along with 200 SEGs there’s room to grow, Boehm says.

But OHecu doesn’t expect many of those new lessees to become full-service members.

It’s challenging to successfully cross-sell indirect members with other credit union products and services, Boehm says. Consumers view auto purchase and leasing as a transaction with little or no connection to their primary financial institution.

Instead, OHecu considers indirect lending and leasing as an alternative to investments.

Leasing has been a major contributor to improving our profitability, the CFO says.

Indeed, Boehm credits indirect leasing alone for adding $200,000 more to the credit union’s net income over what would have been generated by investments.

But rising interest rates will have some effect. OHecu expects to see some decline in indirect lending in 2017 as it adjusts its pricing to maintain an adequate spread to investments. Meanwhile, indirect leasing has a spread of 120 basis points greater than indirect lending.

So, it’s still an attractive investment alternative, Boehm says.

6 Tips For A Successful Leasing Strategy

The Ohio Educational Credit Union has generated $650,000 in net income from its indirect leasing program since 2014. Here, Art Boehm, chief financial officer at OHecu, offers advice on how other credit unions can do the same.

1. Perform due diligence to ensure you understand your risk and exposure.
2. Partner with an experienced leasing services provider.
3. Perform due diligence that ensures your leasing partner has the resources and expertise to determine accurate residual values.
4. Routinely monitor residual value risk.
5. Do not buy deep when underwriting leases.
6. Set concentration limits for the leasing portfolio. OHecu’s is approximately $25 million, or one-fourth of its total loans and leases.

Leasing, Not Lending

Although the same underwriting criteria can apply ― a focus on B credit tier and above has kept delinquencies low to non-existent ― there’s one significant difference between leasing and lending: how much the car is worth at the end of the road, when it goes back to the lessor.

Setting the proper residual value is the most critical part of leasing, Boehm says. We don’t have that expertise.

That’s why OHecu leaves the minutiae of how make, model, and trim affects current values when the lease is up to its third-party partner.

Third parties provide the processing and management of the leases, and OHecu services them. The credit union, however, sets the lease money factor, comparable to an interest rate on a loan.

The money factor must be competitive with the market, Boehm says. It’s a combination of that and residual value that determines the monthly lease payment and whether we’re competitive to get the deal.

The Ohio Educational Credit Union uses Credit Union Leasing of America and CRIF for its auto leasing and lending processes. Find your next solution inCallahan’s online Buyer’s Guide.

The post Tips To Build A Better Leasing Program appeared first on CreditUnions.com.

In third quarter 2016, University posted a 16.5% auto penetration and 4.8% first mortgage penetration. For credit unions in its asset band, those numbers were 18.5% and 2.6%, respectively. However, the credit union’s strong first mortgage participation translates into a higher average loan balance of $14,145 per member versus $12,730 for similarly sized credit unions.

How Do You Compare?

Check out University Credit Union’s performance profile. Then build your own peer group and browse performance reports for more insightful comparisons

Its efficiency ratio where lower numbers denote a more efficient operation is also a bit higher than peer credits 90.2% versus 86.9% for credit unions with $250 million to $500 million in assets. With a strong net interest margin, the credit union wanted to increase its efficiency through growth.

To improve efficiency, the credit union identified an opportunity in its sales and service processes. According to Renee Ouellette, senior vice president of finance for University Credit Union, the credit union was not structured in this way but rather was focused on traditional retail services. So, the Maine credit union shook-up its strategy and org chart.

Renee Ouellette, SVP of Finance, University Credit Union

In this QA, Ouellette discusses the credit union’s reorganization in the second half of 2016 and why the management team decided centralizing lending was the key to greater efficiency.

Why did University Credit Union reorganize? What were some of the major changes?

Renee Ouellette: We were looking for ways to become more efficient that was one of the primary drivers of the reorganization. We decided to transition to a centralized lending model to focus on both the sales and the service aspects of lending, which had not been a strong part of our process compared to the traditional full-member-service retail model we were operating in.

We centralized both our consumer and mortgage lending processes and created a separate arm that focuses exclusively on serving members after the loan closes.

As part of the reorganization, we also stopped indirect lending. We want to focus on not only efficiency but also developing deeper relationships with our members.

Which areas were affected by the reorganization.

CU QUICK FACTS

University Credit Union
Data as of 09.30.16

HQ: Orono, ME
ASSETS: $275.2M
MEMBERS: 27,982
BRANCHES: 9
12-MO SHARE GROWTH: 11.6%
12-MO LOAN GROWTH: 1.9%
ROA: 0.45%

RO: We created a new loan operations department. In the past, we had our originators, collectors, and a few other areas handling various aspects of servicing after a loan closed, but it was no one’s full-time focus, and many of the tasks didn’t fit within the broader areas. In some cases, job titles changed but the positions stayed relatively similar.

The credit union was committed to ensuring we did not have any layoffs. However, becoming more efficient did include having a smaller staff size overall. We used a period of higher turnover to our advantage and ramped up the reorganization efforts. We didn’t want to refill positions that were not going to be in place down the road, so the timeline became more compressed.

How long was the reorganization? Who was involved in the planning?

RO: We were in the early stages and still discussing some of the changes when we realized we were having a period of higher attrition. The senior management began working hard on the planning efforts in March/April. We communicated the intent of the reorganization to staff in late May/early June. Then we conducted all of the new position interviews and made final selections for the revised org chart by mid-July.

In addition to the senior management team, we had many discussions with our board of directors early on and throughout planning, and the board approved the plan as a whole. We also worked with an outside party to centralize lending.

What positive results can you share especially in terms of lending?

RO: We now have individuals who are dedicated to finding all opportunities to help our members. For example, if we see a member has a credit card and another vehicle loan elsewhere, we are able to be more proactive, whereas previously we might not have had the opportunity to discuss other products. We want to bring everything under one roof to make it easier and more beneficial for the member as well as bring additional loans for the credit union.

LENDING ACTIVITY
FOR U.S. CREDIT UNIONS | DATA AS OF 09.30.16

Callahan Associates | www.creditunions.com

Source: Peer-to-Peer Analytics by Callahan Associates.

The new retail branch process has been successful as well. Members used to come into the branches and sit down with a loan officer to fill out an application for everything from credit cards to mortgage loans. They can still complete their application in a branch office, but they now do this by phone with an individual who is more experienced and specialized in the product the member is seeking.

Some members were unsure about the new process at first, but as they go through it, we’ve gotten rave reviews. It cuts down on wait time, and we give the member the opportunity to call the consumer lending originator at their convenience or we can call them. If they’d like to apply now, we provide them with a nice space where they can get on the phone with an experienced originator and complete the application.

A benefit of the loan originators being centralized in one space is that they have been able to become more specialized.

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Another benefit of the loan originators being centralized in one space is that they have been able to become more specialized. This is important with more complex loans. They know which questions to ask and are able to keep track of more because they are doing this on a daily basis instead of being in a branch location where they might only handle one mortgage loan, for example, in a month.

What advice do you have to other credit unions considering a reorganization?

RO: One of our keys to success was moving through the process quickly. The reorganization wasn’t something that lasted for an extended period, which would have increased staff anxiety. Making changes like this is a challenge, but it’s going to be challenging no matter how you do it fast or slow.

Communication is another critical piece of the puzzle. It’s important to keep as much out there as you can, understanding that you can’t always give the entire story and background to all staff. Despite this reality, we tried to keep everyone abreast of the progress and timing of changes.

Another big success for us was giving everyone the opportunity to apply for any position. We didn’t force everyone to re-apply unless there was a significant impact or change to their position. However, any staff member who was interested in a new opportunity was welcome to apply for any of the new positions. We had several people make moves within the organization because of this open application process.

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The post A Strategy To Centralize Lending And Increase Efficiency appeared first on CreditUnions.com.