Alliant Credit Union (ACU) is one of the top ten largest credit unions in the US. They serve 335,000 members worldwide, and handle $9.3B in assets. They also purchase mortgage loans from various brokers. ACU was up against the many challenges that banks and credit unions currently face, such as:
- Demographics are no longer a good predictor of behavior
- Consumers of all ages, backgrounds, geographies and income brackets demand a flawless, expedient, value-packed digital experience that is highly cohesive between online and mobile channels
- A fast and seamless onboarding process for customers and partners is critical to meeting expectations
- New companies are setting sights on industry disruption Standardized Data in the mortgage industry: Pre-2010, lenders were submitting mortgage loan data via custom processes. In 2010, the Federal Housing Finance Agency (FHFA) developed the Uniform Mortgage Data Program (UMDP), which led to the Uniform Loan Delivery Dataset (ULDD) structure. The ULDD format enables standardized communication to mortgage servicing applications
ACU needed to leverage the new industry standards and leading technologies to service loans in a more effective and efficient manner. Proficiently onboarding new and existing lenders was key to servicing these purchased loans.