Streamlined Mortgage Application Makes More Minorities Homeowners

Bayside FCU in Providence, RI, ($3m) will put 14 families into homes this year – a record number for the credit union. Its success is owed to a web-based platform that streamlined the mortgage application process.


Bayside Federal Credit Union will put 14 families into homes this year. While that may sound like an insignificant number, to CEO Lenore Misner it's a record.

Only a year ago, this $3 million credit union serving a limited membership base in Providence, RI, was struggling to keep its mortgage program alive. Misner was working with a local mortgage broker who required her to take the application, collect every condition imaginable (just in case) and write all of the disclosures. In addition to doing the upfront work, it wasn't uncommon for Misner's members to wait as long as three weeks for an approval. As she explains, "We're a very small credit union and didn't have the staff to originate loans internally or the ability to keep them on our portfolio. We were using mortgage brokers to sell loans for us on the secondary market because we thought it was our only choice."

Through her Fannie Mae representative, Misner was introduced to Members Mortgage Company, and subsequently, MortgageClick. MortgageClick's web-based platform, created by Prime Alliance exclusively for credit unions, brings convenience to the mortgage process by using a streamlined, 10-question application that delivers results within minutes. Members can also use the same technology to apply online 24-hours a day, 7-days a week wherever they have Internet access. Additionally, because MortgageClick is powered by Fannie Mae, credit unions have the added assurance that these loans will be salable on the secondary market.

At first, the idea of doing less while providing members with better service and quicker decisions was difficult to believe. Misner has led Bayside's growth by connecting with minorities and building trust in the community. Distributing Fannie Mae workbooks in multiple languages at local parishes and other community venues is one way Misner reaches out to those historically ignored by financial institutions. Bayside's members view Misner as a trusted peer because she has always considered their well-being a priority. She notes, "The primary concern of brokers, often, is how much money they will make on a loan. When I was working with brokers, I would get all tied up in knots inside, because they had all the control."

Misner found just the opposite when she began working with Members Mortgage Company and MortgageClick. She says, "Their attitude is entirely different. Their goal is to put a borrower in the best possible loan. They're knowledgeable, helpful, and clearly on the members' side. The MortgageClick technology gives us the control we need over the loan origination process. As a result, I can give my members much better support."

MortgageClick, an independent business-to-business company, provides a private, branded solution customized to match credit unions' specific first and second mortgage products and programs. By pulling together a network of credit unions to share the Prime Alliance platform costs, MortgageClick is bringing technology once only available to the largest organizations, to credit unions that would otherwise be unable to offer this convenience. For more information on MortgageClick, visit or call Dan Hanlon at 781-376-2880.



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Nov. 29, 2004



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