Overview

Member Mortgage Services (MMS) provides mortgage origination and servicing solutions to credit unions throughout the United States. MMS provides the staff, technology and mortgage lending processes a credit union needs to provide home loans to its members, without any significant capital investment by the credit union.

MMS is a fast-growing company with a high demand for their services. MMS needed a solution to the following business issues:

• Reduce the time to open a new credit union lending operation from 60 days to three weeks
• Eliminate one business day from the loan origination process for at least 30% of their closable loans

Together with MMS, we developed a unique technology offering that solved the issues and gave them a competitive advantage in their marketplace.

The most time consuming part of beginning service for a new credit union was finding, hiring and training staff, and setting up the technology infrastructure to operate MMS's client-server loan origination software. MMS's primary origination software required extensive mortgage industry knowledge to operate, so new employees needed several weeks of training before they could begin to originate loans.

By building an intuitive, web-based loan origination application, we eliminated 90% of the training time needed for a new employee. Since the application was web-based, the time to establish technology infrastructure dropped by 50%.

MMS is now able to bring a new credit union on-line within two weeks, and in most instances, can even train credit union staff to originate loans using the system.

Our second challenge was to shorten the loan origination process by at least one business day for highly qualified loans. We focused on one key aspect of the loan process -- the application. Due to scheduling constraints, it's not always convenient for customers to meet loan officers in person, so trying to coordinate schedules often introduces delays into the loan process.

We provided a guided loan application that tied directly to Fannie Mae's Desktop Underwriting system to get actual Fannie Mae underwriting decision immediately. Now applicants can apply and get an instant decision, shortening the loan process.

MMS's 24-7mortgageonline.com system is the most versatile, efficient system in their industry.