Home Equity Lending News

CA Credit Union Prepares for Home Equity Growth

A credit union on the Northern California Coast is implementing a new loan origination system that will handle an anticipated increase in its retail and home-equity lending.

In 1957, eight teachers in Northern California formed Santa Cruz County Teachers Federal Credit Union. Six years later, the financial institution opened its first office in Santa Cruz. After a series of mergers and name changes, the entity eventually became know as Bay Federal Credit union.

Today, Bay FCU reports more than 86,000 members and serves over 2,400 local businesses from its main office in Capitola. It has $1.6 billion in assets.

A news release Wednesday from Black Knight Inc. indicated that the credit union has signed on to use its Employer LOS for retail and home-equity lending.

Michael Smith, VP, Bay FCU

“It’s important for us to maximize the abilities of our lean, talented staff by giving them access to advanced tools and automation that will elevate speed, accuracy and digital access,” Bay Federal Credit Union Vice President Mortgage Loan Operations Michael Smith was quoted as saying in the announcement. “We were impressed with the Empower system’s ability to support both our traditional and unique lending products. The LOS will effortlessly scale to the ongoing growth we expect in our loan operations.”

Jacksonville, Florida-based Black Knight says Empower “is a high-performance, cloud-based LOS that automates repetitive processing tasks based on the lender’s configurations, reducing the need for human intervention. Referred to as ‘lights-out processing,’ this advanced technology actively monitors the system for any data changes during the loan process and triggers a separate work item when an exception occurs, which alerts the user that additional reviews are needed.”