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CUNA Mutual Integrates MeridianLink for Loan Origination
MADISON, Wis. (12/3/13)--CUNA Mutual Group announced Monday that it has integrated MeridianLink's loan origination system, LoansPQ, with CUNA Mutual Group's platform, including its Smartphone Loan technology and AskAuto app. The connection provides more than 225 credit unions and 12 million members with 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 said.
"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."
For example, when a credit union member uses CUNA Mutual Group's Smartphone Loan technology or AskAuto app to complete their loan application via, 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 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 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; and
  • Provides consistent decision responses to members no matter what channel the loan originates from.
In addition, 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.
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