First United Bank has been a trusted lender for more than a century. In fact, the Mortgage Division of First United is a significant source of profitability for the bank. During the economic downturn of 2008, many lenders in their markets of Oklahoma and Texas were exiting the business. This presented an opportunity to take on new borrowers and recruit highly talented loan officers. They now have 90 loan officers and have grown from an average of 30 closed loans per month in 2005, to 500 loans per month today!
This business expansion caused First United's Mortgage Division to seek out new technology that would help them increase their efficiency and optimize their profit margin. They implemented product pricing technology for the first time, but found the vendor they had chosen employed a support model that required resources and technical knowledge they did not have. They needed to make a change that would help them:
In January, 2012, First United's Mortgage Division implemented LoanDecisions product eligibility and loan pricing software from NYLX. "Our experience with NYLX has been like night and day from our previous vendor. We went from basic support to great support and a system that just works!" - Steve Campbell, Secondary Marketing, First United Mortgage Division.
"LoanDecisions works well for us. It is reliable technology and NYLX provides us even greater value through their customer service model. It has really elevated them from a vendor to a true business partner."
President of Mortgage Division
First United Bank
Now the Secondary Marketing team can lock loans 5 times quicker than with their previous pricing engine. They navigate through fewer screens and use the integrated historical pricing matrix display up to 5-7 times a day to deal with rate changes on lock files.
They can also easily customize and distribute pricing to multiple pricing zones, allowing them to be more competitive in markets they serve and enabling them to control their pricing power and profit margins.
With the level of service and support provided by NYLX, users know how to use the system and webinar training allows new employees to come up to speed on system functionality quickly.
"The system was easy to implement, is easy to use and the NYLX team is completely professional and is always available to us." - Steve Campbell, Secondary Marketing, First United Mortgage Division.
With LoanDecisions, First United found a solution they could adopt quickly and use to increase efficiencies immediately!