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By CRIF Lending Solutions
Imitation is often the sincerest form of flattery, but it can also be a trap — especially when it comes to loan origination systems.
Anyone who has been in the credit union industry long enough understands a system that works for one institution isn’t necessarily a slam dunk for another. However, that doesn’t mean leaders should make decisions without regard for what works for similar institutions. Addressing the needs of the credit union’s loan operations should be your top priority. Try to not let the fanciest designs and flashiest options lure you in. Your main objective should be to find a practical solution that can afford you growth opportunities down the road.
The right loan origination system should be tailor-made to streamline operations and drive portfolio growth. Credit unions are unique and different from banks because they exist and operate to serve the needs of their members. Loan origination systems work the same way, which is why a cookie-cutter system is what you need to avoid at all costs.
Regardless of whether you’re in the market for your first loan origination system or looking to upgrade, there are generally five key areas you should focus on to get started.
These five key areas are just the tip of the iceberg in terms of what you’ll need to consider before you decide on a vendor and a particular loan origination system. To find out more about the top 10 questions you should ask, please click on the button below to download “Checklist: How to Select the Loan Origination System That's Right for You.”
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
November 11, 2013
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