How Securityplus FCU Increased Loan Volumes by 25% and Reduced Time to Close by 16%

When Lending Manager Tony Taranto joined Securityplus Federal Credit Union (FCU) to build its mortgage division, the first thing he noticed was how much time his loan officers (LOs) were spending in the office.

“To take an application, move a loan forward, or even answer a borrower’s question, they had to be at their desks, when they needed to be out generating business,” Taranto said.

To address this challenge, Tony’s team vetted a variety of technology solutions that would enable his LOs to take applications on a mobile device. They ultimately chose Encompass LO Connect™ for its security, ease of use, and breadth of LO functionality.

Now, if LOs meet prospective borrowers away from the office, they can start the application, pull credit, and quickly generate different loan scenarios; capabilities Taranto believes are essential for converting more prospects into buyers. They also have full visibility into their pipelines, including which loans need their help to move forward, and the ability to take care of those tasks immediately, on their phone or tablet.

This newfound mobility and productivity proved to be far more than a “nice to have.” Within three months of launching LO Connect, Securityplus began seeing measurable results:

  • Giving LOs the freedom to originate loans, pull credit, and generate payment scenarios from anywhere has increased loan volumes by 25%, or 2-3 units per loan officer per month.
  • LOs now spend 50% more time on revenue-generating activities overall, and 30% more time on out-of-office activities, like participating in open houses, real estate agent visits, and other business-building endeavors.  
  • By eliminating the time processors and underwriters previously spent waiting for LOs to answer questions, reissue loan estimates, and handle eDisclosures, Securityplus saved 6-8 hours in overall production time per loan.

That accelerated production time made a dramatic impact on the organization’s time to close. Since using LO Connect, Securityplus has reduced its average time to close from 30 days to 14 days.

Ultimately, moving to LO Connect has helped Taranto build a more successful and more profitable mortgage operation.

“It’s August, and we’re already at 75 percent of a very lofty sales goal, with four months left in the year,” Taranto said. “A major factor behind this success was our ability to quickly adopt LO Connect to make our LOs more accessible and productive.”

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