Tewksbury FCU and CU Close have launched a new collaborative enterprise to help lenders and credit unions profit from combined volume and more efficient vendor management.
Known as Alliance, the program "will provide mortgage lenders with one of the most powerful and cost-effective settlement service tools in the industry," said Shelly Holden, CEO of Tewksbury FCU in Tewksbury, Mass.
Alliance, according to Holden, will deliver "end-to-end solutions from loan applications to closing."
The Alliance system uses a proprietary software platform that — when used in its entirety — eliminates duplicate data, while providing a robust and user-friendly vendor management system.
An online "dashboard" brings together dozens of nationally recognized vendors and service providers in a single access point and provides access to a range of vendors for appraisals, flood certification, title and closing companies, and more. Lenders using the alliance system receive a single monthly invoice for all settlement vendors.
"Our platform is designed to give lending institutions the ability to close more loans per month and spend less per loan," said Mike Steuer Sr., founder of CU Close and president of Alliance.