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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 ads@creditunions.com or 1-800-446-7453.

August 3, 2015


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Nick

8/3/2015 04:53 PM

Initial response time and the speed to close are the most important factors in increasing loan closing percentages. Automated decisions will help with increasing the initial point of contact after an application is submitted but the loan still needs to be closed. Meeting the member on their time frame is critical, and as your credit union shortens the time to contact the member after an application is submitted and approved, the greater the closing percentage will be. In addition to a quick approval process a credit union needs a streamlined closing process. Great article.

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