“Lending Tree”- Creating Loan Volume GECU: El Paso, Texas (TX51)
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Transcript of “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)
“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!
“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
“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
“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
“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
“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
“Lending Tree”- Creating Loan VolumeGECU: El Paso, Texas (TX51)
GECU’s Challenges
THANK YOUShelly D. ClarkBusiness Analyst | GECUProject Management OfficeO (915) 774-4721 C (915) 637-4894Toll Free: 1-800-772-4328 ext. 4721