ATLANTA– CRIF Lending Solutions has recognized the lending industry’s biggest and most creative success stories by presenting its 2015 CRIF Next Level Achievement Awards. Among the winners were several credit unions, including:
- Interra Credit Union (Select): After the implementation of Select Complete (outsourced indirect lending solution), Interra increased its applications from 280 per month to 580 per month. Average loan amount also increased from $13,000 to $19,000 with credit quality remaining very high (nearly 80% of all paper C-grade or higher).
- Neighbors Federal Credit Union (ACTion): Neighbors was facing issues with usability and needed to streamline its lending operations, while also expanding its indirect lending foothold. With ACTion, volume skyrocketed from an average of 750 applications each month to over 1,800. Neighbors embraced the efficiency of ACTion and now processes nearly $18 million of indirect loans each month with only two underwriters.
- VyStar Credit Union (Select): VyStar had aggressive overall loan growth goals in 2014, and already had a very robust direct auto lending program. The indirect lending department for VyStar raised its collective hand and decided it was up for the challenge. As a partner, with Select Complete, VyStar’s indirect lending jumped to $342 million in 2014 from $65 million in 2013. Average monthly funded volumes for 2014 were up to more than $28 million compared to $5.4 million in 2013. VyStar also produced more than five times its number of new members in 2014, pulling in more than 6,000 compared to 1,187 in 2013. This was all done while also growing its direct auto program, where it utilizes the CRIF Lending Solutions LoanCenter platform.