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State Department Federal CU selects LenderLive loan fulfillment services

10 November 2008  |  1367 views  |  0 Source: LenderLive Network

LenderLive Network Inc., a company that provides business process outsourcing and technology to the financial industry, is supporting State Department Federal Credit Union's (SDFCU) loan fulfillment services and is hosting its private-label mortgage origination Web site.

The relationship continues to evolve to meet the changing needs of the credit union's 64,000 members worldwide.

"Economically, it just did not make sense for us to originate loans internally," said Faith Miller, SVP of lending for SDFCU. "There is a huge cost saving in time and expenses in being able to expand our services and consumer reach without the added pressure of building the process from scratch. LenderLive stepped in to instantly support our loan fulfillment needs and provide the outside help necessary to validate that all documents meet ever-changing regulatory requirements."

The credit union has members around the world, including foreign service officers, diplomats and other government professionals. Because of the geographic distribution of its members, 90 percent of SDFCU's business is conducted via the phone or online. Members tend to have unique needs, such as multiple residences, and require specialized service skills. And working with SDFCU to meet these needs, LenderLive's private-label origination Web site and hosting capabilities allow members to have continuous access to mortgage banking from any location.

SDFCU takes advantage of LenderLive's a la carte service offerings based on market changes and consumer demand. Miller continued, "The flexible service solution provided by LenderLive enables our credit union to respond as product changes are necessary. As an organization, we must be able to adapt quickly to our members' needs, and the feedback we receive directly affects the products we offer. LenderLive allows us to make those changes easily and efficiently."

"Credit unions are uniquely positioned today to increase their market share with the mortgage industry's current situation, and many of them are enlisting outsource providers to meet the surge in demand and adapt to new products," said Rick Seehausen, CEO and president of LenderLive. "SDFCU's success is evidence that LenderLive supports growing origination needs and employs the latest in fulfillment services as well as advanced Web portals."

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