“Lending Tree”- Creating Loan Volume GECU: El Paso, Texas (TX51)

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“Lending Tree”- Creating Loan Volume GECU: El Paso, Texas (TX51). GECU (TX51) Member-owned not-for-profit financial cooperative (aka: Credit Union) Located in El Paso, Texas Chartered on August 30, 1932 under the name of Federal Employees Credit Union of El Paso - PowerPoint PPT Presentation

Transcript of “Lending Tree”- Creating Loan Volume GECU: El Paso, Texas (TX51)

Page 1: “Lending Tree”- Creating Loan Volume GECU: El Paso, Texas (TX51)
Page 2: “Lending Tree”- Creating Loan Volume GECU: El Paso, Texas (TX51)

“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

GECU (TX51)• Member-owned not-for-profit financial cooperative (aka: Credit Union)

– Located in El Paso, Texas • Chartered on August 30, 1932 under the name of Federal Employees Credit Union of El Paso

– Federal (Civil Service) employees– 1967: added family member of Civil Service employees– 1997: expanded to anyone living or working in El Paso County that is not eligible for membership at another credit union through occupation– 2005: expanded into the state of New Mexico –within 25 mile radius of a branch located close to the Texas/New Mexico border

• May, 1933 became Government Employees Credit Union • January 1973 name change to Government Employees Credit Union of El Paso• October 2005 name change to GECU and adopted “Greater Employees Credit Union” as a marketing tagline

– In hopes of better describing our field of membership

• 303,728 Members (March 2013)

• 679 employees (March 2013)

• $2 Billion + in assets (February 2013: 2,000,421,000.00 Two Billion 421 Thousand)

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“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

Creating Loan Volume1. Recapture (Call Center)2. Credit Bureau Data Mining3. Dealer Track4. Pre-approval for Auto Loans5. Recruit Select Auto Vendors

1. AKA: Car lots!

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“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

Credit Bureau Data MiningReview bureau for opportunities to “SELL” to our members

• Cross sell MasterCard product with every loan approval– Platinum– Family Account Platinum MasterCard

• Allows a cardholder to designate cards for other family members • Spending limits that they (cardholder) control to charge purchases and obtain cash advances with a low interest credit card.

• Refinance existing Auto loans• Capture Mortgage loans

– Referral to Mortgage department• Contacts members to set appointment

• Pre-Approval for Auto loans

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“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

Pre-approval on Auto Loans– Pre-approval certificate

• Issued to member• Dealer has auto approval to contract• Issued in highest $ amount they can afford or the amount they request

– Via the LOS qualification process

• All requirements on certificate– Trade-In– Proof of Income– Loan to Value– (plus a few more)

• Take to any dealership (in or out of town)• In town dealership: simply sign the contract and dealer sends to GECU for funding

– No Dealer Track input and no wait time for decisions

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“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

Recruit SELECT auto vendors

• Research performed on the Auto vendor– In business for set time period – Show stability– Good inventory– Reputation (GOOD) in tact

• GECU pays the dealership a visit– Offer GECU financing– Setup retail relationship

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“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

Recapture• Referred to as “Outbound Recapture”• Located in our Call Center

– Dedicated employees

• Receive monthly list from Texas Credit Union League– Based off of Texas title filings– Send letters– Outbound calling for possible immediate recapture

• Indirect relationships for Credit Cards, other loans• In-house Approved, Not Funded loans via the Indirect channel (report from In-house LOS)

– Dealer sent them elsewhere• We may be able to offer lower rate

• New Member Onboarding– Contact new members who have minimal relationships in attempt to build a stronger relationship

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“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

Dealer Track – Software utilized to receive Loan applications from Retail sources

• Auto Dealerships• Recreational Vehicle dealerships• Home Improvement

– Refrigeration Units– Window installation

– Interface with several Loan Origination Systems (LOS)• GECU utilizes APPRO

– Dealer submits application• GECU decisions application

– Dealer able to view GECU decision and contracts with member• Hasle free for member• Cost effective for GECU

– GECU pays for the applications, free to dealerships

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“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)

GECU’s Challenges

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THANK YOUShelly D. ClarkBusiness Analyst | GECUProject Management OfficeO (915) 774-4721 C (915) 637-4894Toll Free: 1-800-772-4328 ext. 4721