INTERLINQ and CUNA Mortgage Make Automated Underwriting More Accessible to Credit Unions

Business Wire, July 19, 1999

BELLEVUE, Wash.--(BUSINESS WIRE)--July 19, 1999--

Automated underwriting technology just got more affordable for credit unions through an joint initiative of INTERLINQ Software Corporation (Nasdaq:INLQ) and CUNA Mortgage Corporation, a subsidiary of CUNA Mutual Group. INTERLINQ is now offering credit unions a specially priced automated underwriting interface. The interface is $750 for MortgageWare customers with up to 10 concurrent users and $1,500 for customers with 11 to 20 concurrent users. INTERLINQ's MortgageWare solution is the industry's top-selling mortgage-lending system.

"CUNA Mutual and INTERLINQ have a longstanding relationship," said Dan Green, executive vice president of CUNA Mortgage Corporation. "A number of CUNA Mortgage's credit unions use MortgageWare systems. The new pricing should make automated underwriting more accessible and more affordable."

Cloquet Co-op Credit Union began using the interface last month. The 33,000-member credit union in Cloquet, Minn., was one of the first CUNA Mortgage customers to take advantage of the special pricing on the MortgageWare interface.

"Automated underwriting gives us a strategic advantage," said Terry Kimber, vice president of lending at Cloquet Co-op. "We get next-minute response on loan approvals instead of next-day response. No other lender in the Duluth area can offer that right now. This is something we're going to publicize."

Kimber said that adding automated underwriting to its MortgageWare system goes along with Cloquet Co-op's plan to become the number-one lender in northern Minnesota. The credit union originated $11 million in mortgage loans in 1998 and Kimber says it's on target to originate $18 million this year.

After entering the loan application information in MortgageWare, credit unions use the interface to send the loan through CUNA Mortgage's automated underwriting system. The file is electronically underwritten and a recommendation returned to the credit union within minutes. The process improves turnaround time and often reduces documentation requirements.

Credit unions interested in obtaining the interface may contact their MortgageWare representative.

CUNA Mutual Group is the leading provider of insurance and financial services to the nation's 11,000 credit unions. CUNA Mortgage Corporation, a wholly owned subsidiary of CUNA Mutual Group, provides a full range of mortgage services exclusively to credit unions and their members.

INTERLINQ Software Corporation, established in 1982, is a leading provider of technology that helps organizations effectively manage complex, information-intensive business transactions. The company's mortgage technology division provides business solutions to approximately 2,000 banks, savings institutions, mortgage banks, mortgage brokers, and credit unions. INTERLINQ's new enterprise technology division provides application integration/workflow solutions both directly and through third-party application developers, OEMs and system integrators. More information on INTERLINQ's products and services is available on the company's Web site at http://www.interlinq.com.