Maintaining a seamless lending workflow is crucial for member satisfaction and operational efficiency. However, disruptions can significantly impact the lending process. Credit unions nationwide are turning to outsourcing for the support they need with a partner they can count on.
For TwinStar Credit Union (TwinStar), leveraging Origence Lending Services since 2022 has been the ideal solution. This strategic partnership has allowed TwinStar to navigate staffing challenges, manage unpredictable loan volumes, and streamline its processes, ensuring resilience and efficiency.
Maintaining business continuity
Credit union lending workflows operate like a well-oiled machine when circumstances are optimal. However, unexpected disruptions can clog the origination process, causing delays that frustrate staff and break down essential dealer relationships. If funding slows or dealers feel they aren’t prioritized, they won’t send loans to that lender. Additionally, staffing changes, such as holidays or unexpected absences, can add stress to lending staff, and weather events can close branches without notice, leaving borrowers and dealers unassisted.
To combat situations like this, TwinStar Credit Union has smoothed out staffing changes and enhanced operational capabilities by outsourcing essential components of the lending process. They no longer need to evaluate the number of full-time employees based on volume shifts, ensuring unplanned absences do not cause poor member or dealer experiences.
“Although we felt we had staffed our department appropriately for the new loan volume, we quickly discovered that we needed a better continuity plan. We also realized that we could benefit from streamlining the audit process with the goal of increasing capacity and efficiency,” said Lyla Elliott, CUDE, CCM, director of consumer loan production at TwinStar Credit Union.
Managing loan volume spikes and reducing risk
Lending is an unpredictable market. A quick shift in rates can cause unexpected loan spikes, overwhelming your team. This can lead to unmet member expectations or lost business as staff need help to keep up.
While interest rates have remained steady over the past year, the Federal Reserve has projected a three-quarter-point cut by the end of the year. Lower interest rates should increase applications, and some credit unions may be unprepared for the rapid change.
In preparation for market fluctuations, TwinStar Credit Union has taken proactive steps to streamline processes with Origence Lending Services, providing personalized support to members and increasing operational efficiency. By implementing stacking and validation services, the credit union decreased processing turn times by 67%.
Expanding into new markets
If your credit union is considering expanding into new verticals, you must also consider the staffing challenges you will face. Do you have the expertise and experience to enter this market? Can you handle the added volume? Do you have the resources to train, implement, and manage the expansion? Lending is an ever-changing environment, and the ability to adapt and maintain continuity is crucial to deliver the member experiences you want and achieve sustainable growth. How prepared is your credit union to adjust to change? How might you achieve and sustain lending growth? Consider how outsourcing solutions can support your goals.
An outsourced lending team with expertise in various industries can significantly assist staff while expanding into new lending verticals. Many credit unions have branched into auto leasing, the fast-growing EV market, or retail merchant financing. In each case, the stress of the new venture impacts your ability to maintain your current workflow and penetrate the new market with needed expertise.
Proven solutions and ongoing support
Origence Lending Services offers comprehensive solutions specifically designed to address staffing challenges, manage fluctuations in loan volumes, and support expansion into new markets. As an extension of your credit union, Origence Lending Services can assist with scaling underwriting services, document organization, adverse action and welcome letters, and other vital lending processes.
By partnering with Origence Lending Services, credit unions like TwinStar have enhanced operational efficiencies, secured their capacity to manage uncertainties, and capitalized on new opportunities. As the industry evolves, leveraging the expertise and resources of trusted outsourcing partners will be essential for credit unions to thrive and continue serving members effectively.
More than 150 other credit unions nationwide are already finding the support from Origence Lending Services vital to their success. Contact us today to learn more about how we can assist your team and the impact it will have on your credit union.
