CUNA Mutual Group announced today it has integrated MeridianLink’s loan origination system, LoansPQ™, with CUNA Mutual Group’s loanliner.com® platform, including its Smartphone Loan technology and AskAuto® app. The connection provides more than 225 credit unions and 12 million members with seamless decisioning and data transfer capabilities.
From CUNA Mutual Group Public Relations
MADISON, Wis. – CUNA Mutual Group announced today it has integrated MeridianLink’s loan origination system, LoansPQ™, with CUNA Mutual Group’s loanliner.com® platform, including its Smartphone Loan technology and AskAuto® app. The connection provides more than 225 credit unions and 12 million members with seamless decisioning and data transfer capabilities.
“This seamless integration allows a credit union member car shopping on a lot the ability to research a vehicle, apply for a loan, and know on the spot if they are approved or declined,” said Chuck Cashman, technology leader, CUNA Mutual Group.
Credit unions are adopting online lending strategies at a rapid rate, especially in the mobile channel, which means credit unions need connectivity between their online lending application and their loan origination system, Cashman explained.
“This partnership between CUNA Mutual Group and MeridianLink is one more way we’re responding to the mobile lending transformation taking place in the financial services industry,” said Ed Guerin, vice president, MeridianLink. “This integration is evidence of how our organizations are thinking about members’ use of technology in virtually every phase of their lives.”
“Combining our loanliner.com platform with MeridianLink’s loan origination system just made sense,” said Cashman. “It will allow us to offer higher quality products that seamlessly integrate and are simple to use.”
For example, when a credit union member uses CUNA Mutual Group’s Smartphone Loan technology or AskAuto app to complete their loan application via loanliner.com, the data is automatically and securely transferred to MeridianLink’s loan origination system, LoansPQ. The loan is then decisioned using the credit union’s own decision criteria set-up in LoansPQ. A decision is returned and displayed in loanliner.com for the member, and then the loan officer completes the loan processing in LoansPQ.
Connectivity between these two systems provides credit unions the following benefits:
- Eliminates the need to re-key loan data, resulting in reduced keying errors;
- Transfers up to 140 data fields from loanliner.com to LoansPQ, resulting in time savings for lending staff;
- Increases loan process efficiency, resulting in the ability to provide members with a higher quality online lending experience;
- Transfers data in real-time, resulting in a faster, more efficient loan process for the loan officer and a better overall experience for the member;
- Ability to automatically provide a loan decision to the member in real-time, resulting in a higher quality member experience;
- Provides consistent decision responses to members no matter what channel the loan originates from.
In addition, loanliner.com offers a compliant solution, the ability to configure online applications to meet member needs, opportunities to cross-sell payment protection products, and multiple channels to complete the loan application process.
MeridianLink, Inc., developer of the industry's first multi-channel account opening and loan origination platform, is a leading provider of enterprise business solutions for 20,000+ financial service organizations. The company’s passion for excellence is reflected in their web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, California, MeridianLink is committed to creating “Smart Solutions” that deliver “Real Value.” For more information, visit www.meridianlink.com.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at www.cunamutual.com.
About CUNA Mutual Group
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.