Customer Story
How a CUSO Increased Mortgage Application Completion from 10% to 82%
Today’s borrowers expect the same seamless digital experience they receive everywhere else. Mortgage Markets CUSO (MMCUSO) modernized its mortgage application with the Maxwell Point of Sale (POS), increasing application completion from 10% to 82%.
“If I want to compete with the online fintechs, I need something attractive, easy, and works seamlessly on mobile.”
—Michael Ferraro, President, Mortgage Markets CUSO
Challenge:
Abandoned Applications
Mortgage Markets CUSO runs mortgage operations end-to-end for more than 20 credit unions. With digital-first lenders raising the bar, MMCUSO’s borrower application was falling behind. Outdated interfaces, confusing workflows, and poor mobile support meant borrowers started applications but many of those loans never pulled through.
For Michael, the president, every incomplete application represented a missed opportunity to connect with a prospective borrower.
Mortgage Markets CUSO
Mortgage Markets CUSO, LLC (MMCUSO) is a credit union-owned mortgage company dedicated exclusively to helping credit unions deliver a better home lending experience to their members. Founded in 2003, MMCUSO provides comprehensive mortgage solutions, including origination, processing, closing, secondary market expertise, and servicing support.
Industry: Credit Union Services Organization (CUSO)
Credit Union Partners : 18+
Loan Origination System (LOS):
ICE Encompass
Business Challenge: Increase completed mortgage applications while delivering a modern, branded borrower experience
From 10% to 82% Completion Rate
In 2018, MMCUSO replaced its outdated mortgage application with the Maxwell POS. Borrowers got a modern, mobile-friendly experience that was easier to navigate and complete.
The impact was immediate.
Application completion increased from approximately 10% to 82%, giving loan officers complete borrower information before the first conversation even began.
“We saw 82% of people complete the application. That’s remarkable in our industry.” —Michael Ferraro, President, Mortgage Markets CUSO
Better Applications Lead to Better Conversations
For MMCUSO, having a completed application changed how their loan officers engaged with borrowers. Instead of their jobs being defined by chasing abandoned applications, loan officers could now begin every borrower relationship with a clear understanding of the borrower’s needs.
While it’s a simple and obvious example, this shift highlights the immediate impact that effective technology can have across teammates in the origination process and how they do their jobs.
“My loan officers already have all the data in front of them so they can have a very intelligent conversation with the consumer”
—Michael Ferraro, President, Mortgage Markets CUSO
The Outcome
There is no question that today’s borrowers expect a mortgage application that feels as intuitive as every other digital experience. What’s more important is that colleagues across the origination process, from loan officers, to processors to underwriters, are impacted daily by the technology choices that lenders make. For MMCUSO, by modernizing the application journey, they have not only helped their credit union partners compete more effectively but empowered their team to deliver more scale.
Today, Michael regularly demonstrates the Maxwell experience when meeting with prospective credit union partners, reinforcing the confidence he has in the experience it delivers and the impact it will have on their origination volumes.
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