MADISON, Wis. (9/8/14)--Credit unions using CUNA Mutual Group's loanliner.com have surpassed $2 billion in mobile loan applications--and reached that milestone just 11 months after surpassing the $1 billion mark.
|(Source: CUNA Mutual Group)|
When CUNA Mutual Group launched its Smartphone Loan technology in 2011, it took more than two years to reach $1 billion in loan applications.
One in 4 credit union members applying for vehicle loans through CUNA Mutual Group's loanliner.com are using mobile devices to apply for $4 million in loans daily.
"The bottom line is the pace at which members are buying into mobile lending is increasing at a very rapid rate," said Steve Hoke, CUNA Mutual loan director. "If these growth numbers say one thing, it is credit unions must deliver what members want through their delivery channel of choice, and more and more members are choosing mobile."
Kauai (Hawaii) Community FCU, with $360 million in assets, has seen a significant increase in Internet loan applications, in part because of loanliner.com's smartphone loan technology, according to Justin Ganaden, the credit union's vice president of lending.
CUNA Mutual Group's smartphone loan technology is a mobile version of loanliner.com. The loanliner.com application system leverages CUNA Mutual's Document Solutions lending compliance expertise to ensure the application presented to the member complies with all appropriate state and federal regulations and required disclosures. The loanliner.com application system interacts with the credit union's loan origination systems to provide an underwriting decision to the member in seconds.
Another credit union that identified a need for mobile loan technology is NuMark CU, Joliet, Ill., with $198 million in assets. NuMark offers its members AskAuto, a downloadable smartphone application offered through loanliner.com that provides credit union members with vehicle information and loan application assistance to simplify their vehicle-buying experience.
"This technology is part of our long-term strategy to remain relevant with our members," said Kari Endres, the credit union's marketing director. "We want to be there for our members as they shop for cars."