Browser-Based System Speeds Mortgage Turnaround

Credit Union Journal, The, October, 2002 by Kevin Jepson, Technology Correspondent

Four months to close a mortgage? That kind of turnaround isn't something for any lender to brag about. But for ChevronTexaco that kind of turnaround time on mortgages was the best it was able to offer members. But no more. Soon, ChevronTexaco CU will close loans in fewer than three weeks, according to Duncan Gamlen, real estate consultant at the $700-million CU.

A new browser-based loan servicing system is driving the 54,000-member CU's budding efficiency. Also around the corner is an increase in loan-per-employee ratios, said Gamlen. "Loan service will go almost immediately to 1,000 loans per employee, up from 500 loans per employee."

At the same time, cost-per-loan will be reduced to about $4, contrasting with the industry standard cost of up to $15 per loan, he...

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