Customer Story
Glass City Federal Credit Union Reduces Cycle Time and Improves Member Satisfaction with Maxwell Point of Sale
26%
Reduction in cycle time with Maxwell Point of Sale
Glass City Federal Credit Union, a not-for-profit cooperative credit union, prides itself on offering a top mortgage experience to nearly 27,000 members. Recently, Glass City FCU recommitted to modernizing its lending process, pursuing tech-led functionality to meet changing member needs. To streamline its operations while retaining personal member touchpoints, Glass City FCU chose to partner with Maxwell. With configurable technology and member-centric features, Maxwell Point of Sale helps Glass City FCU accelerate its lending process while enhancing member experience.
How Maxwell helps Glass City Federal Credit Union
Goal
Implement a technology-powered mortgage lending process with a focus on member experience
Goal
Keep members apprised of mortgage information and products through a digital channel
Goal
Modernize lending operations to remove paper-heavy processes and improve turn times
Solution
Maxwell Point of Sale empowers Glass City FCU to modernize its mortgage experience with functionality that benefits both its lending team and the members it serves. Streamlining features remove operational burdens and automate communication with members, allowing for personalized touchpoints that communicate Glass City FCU’s breadth of accounts and services. As a result, Glass City FCU is able to reduce its cycle time by 26% while improving member satisfaction.
“[Maxwell is] incredibly responsive, quick to solve a problem, find where the issue is, and ensure applications aren’t stuck. If we need customization, they’re there every step of the way.”
—Chris Gomez, Glass City Federal Credit Union Director of Mortgage and Commercial Lending
Glass City Federal Credit Union, a federally chartered credit union with over $300 million in assets, has been proudly serving the Northwest Ohio community since 1947. Currently, Glass City provides financial services to nearly 27,000 members, and more than 200 businesses, organizations, and associations in the region. The credit union has five full-service branch locations in Maumee, Toledo, and Bowling Green, as well as robust online and mobile banking services.
A not-for-profit cooperative credit union, Glass City is owned exclusively by its members. Earnings are returned to members in the form of higher dividends on deposit accounts, and lower interest rates on loans. Also, a broad array of financial accounts and services are available at the lowest possible cost.
A need to modernize the mortgage process
For years, executives at Glass City Federal Credit Union had been moving away from paper and toward a more electronic process. In the quest for new technology, the Glass City FCU team focused on functionality that would directly improve the member experience.
“In the past, our operation had been very paper-heavy, with members filling out paper applications and then submitting more paper documents during the origination process,” states Chris Gomez, CUBLP, Director of Mortgage and Commercial Lending for Glass City FCU. “After upgrading to a new core system for the credit union, we then implemented a new Loan Origination System (LOS) for mortgage loans. This really took us to a more digital process for mortgage lending.”
Beyond the improvements provided by a new POS, Glass City executives needed a way to reach out to members about new mortgage loans through their digital platform, making it more convenient for their members to explore opportunities from wherever they happened to be, on whatever device they had in their hands.
They went in search of a mortgage Point of Sale platform to work in conjunction with their new LOS.
A faster lending experience built for member needs
Glass City Federal Credit Union implemented Maxwell Point of Sale and immediately began offering its members access to mortgage information and products through a fully-electronic, automated channel.
Members could visit their credit union online, request information about mortgage loans, and be linked directly to more information and a mortgage loan application. They also could now complete the application at their convenience, on any device.
No longer was the credit union or its members constrained to a meeting, in-person or otherwise, to get the mortgage process started. There was no waiting for mortgage documents to arrive at the branch, and decisioning was much faster, increasing member satisfaction.
Now, when all loan documentation is gathered, it is transferred directly into the LOS. Executive dashboards provide real time information about the number of loans in the pipeline, those that have moved to the LOS and, more importantly, those that have stalled so a Glass City staff member can reach out and get the process moving.
Better service, improved satisfaction
“In our business, time is money,” Gomez said. “Our competitors offer similar products at similar rates. Our competitive advantage is service and the timing of getting this done.”
According to Gomez, Maxwell has helped Glass City eliminate the inefficiencies built into the traditional paper-based mortgage origination process. As a result, the cycle time was reduced from an average of 43 days prior to implementing the new LOS, to 38 days prior to Maxwell, to 28 days now.
Gomez says that in terms of both implementation and support, Glass City has enjoyed a great relationship with Maxwell.
“They’re incredibly responsive, quick to solve a problem, find where the issue is, and ensure applications aren’t stuck,” Gomez said. “If we need customization, they’re there every step of the way.”
This will soon become more important as Glass City prepares to implement the Maxwell HELOC workflows, providing automation for home equity lending.
Finally, Glass City executives have received positive feedback from members and an increase in member satisfaction.
“Members know that they are our priority and that it’s no longer necessary for them to shuffle through a lot of paperwork or drop documents off at one of our branches,” Gomez said. “We’ve enhanced the member experience by building in the flexibility to allow our members to do business on their schedule, not on ours. That goes a long way toward creating a positive experience for our members.”
Want to learn how Maxwell Point of Sale can deliver a mortgage experience tailored to your lending needs? Click here to schedule a call with our team.
Related content
Mortgage Business Tips
3 Ways Lenders Can Earn the Business of Sidelined Home Buyers
Maxwell
Mortgage Business Tips
New Report: 70% of Sidelined Home Buyers Will Purchase Once Rates Hit 5.0%, and Nearly 40% Don’t Have a Lender
Maxwell