Six keys to making more loans at a lower cost

first_imgUsually 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. continue reading » 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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