Usually when you get free advice, it’s worth about what you pay for it. Today is an exception. Here are the six most valuable components of a credit union lending program you need to align to make more consumer loans at a lower cost:
- People. Do you have trained sales people capable of identifying needs or are they merely order-takers?
- Compensation. Does your compensation structure motivation appropriate behavior and results?
- Risk tolerance. Are your underwriting practices not too tight, not too loose, but just right?
- Operations. Are your policies member-focused or written for examiners, perhaps inhibiting your ability to make loans?
- Delivery channels. Are you structured solely around branch lending or have you evolved your delivery channels to keep pace with online and mobile options?
- Technology. Are you leveraging today’s latest technology to deliver a seamless application process, underwriting, closing and servicing?
I intentionally listed “people” first. Nothing can substitute for a confident, expert lender capable of conducting a quality loan interview. Conversation is paramount, not filling in the application blanks. A solid interview reveals important information to help structure a loan properly and often unearths additional member needs. Also, you build trust and can boost member satisfaction.
The post Six keys to making more loans at a lower cost appeared first on CUInsight.
April 25, 2017 at 12:50AM
from Felix Gomez
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