Case Study: Expediting & Enhancing
Lending Processes with Innovative Technology

Langley Federal Credit Union exceeds member expectations with efficient, streamlined lending software

You don’t often hear a credit union executive say, “it was worth the change.” Typically, leaders of financial institutions are wary of leaving their comfort zone and implementing new technology that may or may not improve processes. Langley Federal Credit Union (Langley FCU) is one institution that chose to implement the FirstClose Solution in 2016 and has been thriving ever since.

Need for Speed

Founded in 1936 in Hampton Roads, Va. by 25 employees from the National Advisory Committee for Aeronautics (NACA), Langley FCU’s assets totaled just $275. Now, the $2.6 billion credit union is comprised of 18 branches across the Hampton Roads area of Virginia.

Serving roughly 250,000 members, Langley FCU was in need of a technology provider to expedite its second mortgage lending and processing procedures. It was also important to executives to find a company that was willing and able to work within Langley FCU’s loan origination system MeridianLink/LoansPQ.

The Right Partner

When Langley FCU executives found FirstClose and learned about the FirstClose Report, they knew it was the interface they needed to streamline mortgage processes. The FirstClose Report is the first comprehensive refinance and home equity loan solution with capabilities to deliver loan flood certification, current market value, interior and exterior property photos, copy of the deed, liens, judgments, transaction history, subject property data and tax information in one report.

The FirstClose Report provides everything that lenders need in order to comply with regulatory guidelines, while simultaneously reducing both costs and closing times. In addition, the software is easily implemented and has the ability to match its system with any customer’s LOS.

Seamless Integration

Since implementing the FirstClose Report, Langley FCU has been able to streamline processes and close more loans due to the report’s attention to detail as well as its competitive pricing.

“FirstClose’s service and integration was quick and seamless,” said Mike McNabb, VP of Consumer Lending at Langley FCU. “The FirstClose Report improved our ordering process by enabling single clicks for multiple products, which eliminates duplication and saves us valuable time and money.”

The pricing of the FirstClose Report is something the team at Langley FCU liked as well. “We experienced cost savings not only with product order placement, but also with the total cost of doing business,” said Mr. McNabb. “Not to mention, the reduction in closing time itself has also been a very significant area of savings.”

Customer Satisfaction

Faster turnaround time and cleaner closings are two details that are extremely important to Langley FCU members. With the FirstClose software, loan officers have a good understanding on orders in as little as one day, improving their customer service capabilities. Once the FirstClose Report was in place, the credit union’s average time to close dropped by four days almost immediately.

“We were open-minded when it came to implementing the FirstClose interface and once it was in place, we took off,” said Mr. McNabb. “The FirstClose support team is excellent and they understand that members should be first. It was worth the change.”

Credit unions like Langley FCU can remain competitive, satisfy their members and save valuable time, money and resources by utilizing innovative lending technology. With all necessary information available in one comprehensive report, financial institutions easily can expedite and enhance their lending processes.

FirstClose offers a proprietary, patent-pending software platform designed to deliver lenders end-to-end solutions from loan application to closing that eliminates processing inefficiency and expedite closing times. FirstClose strives for refinance and home equity lending to be as easy and painless as possible by using cutting-edge, patent-pending technology that is backed by trusted industry partnerships to create a world-class solution.

Watch our short video to learn more about how to reduce cost and turn-times:

FirstClose Highlights:

Time and Cost Savings: With accelerated property and borrower data intelligence, a full suite of solutions and a simplified process, FirstClose users have seen up to 40% reduction in turn-times and significant cost savings, leveling the playing field for lenders of all sizes.

Simplified Vendor Management: By consolidating vendors and products on one platform, FirstClose makes it easy to identify and repair the gaps where lender profits can be maximized. FirstClose evaluates where vendors are underperforming and provides instant options that are a better fit. This allows lenders to speed up turn-times, reduce origination costs, and increase overall productivity.

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Expert | By empowering vendor partners to integrate their solution into our product suite, we’re giving our clients access to a wider variety of services to meet their needs, including new categories like borrower asset verification and document aggregation.

Trevor Gauthier, President and COO, Mortgage Cadence