AUSTIN, Texas–Sync 1 has introduced a number of enhancements that not only improve the ability of credit unions to customize their LOS software, but to do so more quickly and easily than ever before.
Configuring loan software can be tedious with many solutions, but Sync 1, a credit union-owned CUSO, has worked closely with credit unions to ensure its LOS is tailored to every CU’s specific needs. Sync 1’s cloud-based infrastructure now provides credit unions with an even more scalable, faster, and easily customizable solution that removes the confusion so often inherent in LOS solutions.
“A loan origination system is rarely going to have everything you want the way you want it, and we liked the idea that we were going to be able to build and have a voice in how that was built, and what would get on the roadmap going forward,” said Susan Tillery, SVP and chief lending officer with LGE Community Credit Union, which has found great success with the new Sync 1 LOS.
Credit unions know time spent adjusting loans and keying and rekeying information is time and money better spent elsewhere. Sync1’s Loan Origination Software delivers a secure, scalable, intuitive and responsive LOS platform that’s designed to make managing loans easier and faster—making the whole process easier for the customer.
The enhanced benefits include:
- Greatly decreased loan processing time
- Auto loans can be processed in seconds
- Solution is built around needs of credit unions
- Several key processes have been streamlined and simplified
The Reason Company Was Formed
“There is a reason why we formed Sync1 Systems as a CUSO and that was to stay true to the common mission that credit unions hold of serving the member,” said Steve Maloney, CEO of Sync1 Systems. “We, too, are focused on the member, with a goal to make the loan process as painless as possible by designing 1-Lending LOS to be as streamlined as possible for the credit union. But it does not stop there. We will continue to improve on our services to reframe the member experience and do our very best to configure 1-Lending to the needs of the credit union and their membership.
A Philosophy of Listening
Thanks to Sync1’s ingrained company philosophy of listening to its user credit unions, there are additional benefits to the new LOS, including configuration that allows CUs to:
- Fine tune almost every aspect of the software
- Customize application forms and branding
- Make mods to federal and state regulations
- Adjust credit policies
- Increase in speed and quality of decisions
- Change layout of underwriting scorecard
“Once we learned how to configure things it’s point-and-click. It’s pretty easy and user friendly,” said Rick Nock, chief lending officer with CommStar Credit Union.
Sync1 integrates easily with a credit union’s core system, allowing the daily banking processes to continue without a hitch. Sync1 understands both credit union professionals and members depend on their financial records and accounts being managed accurately and securely, and core integration keeps this intact by auto-populating applications with member data from the core system.
“We needed Sync1 to flow into our core and the actual original Credit Union that started with Sync1 is on our core—so that was important,” added CommStar’s Nock.
Credit unions that are now benefitting from the enhanced Sync1 LOS are reporting a great experience across a number of operational areas:
“We’ve seen a lot of efficiencies in moving to the Sync1 system. About 95% of the data rekeying that we used to do, is now gone,” said Heidi Hunt, SVP Lending with Community West Credit Union.
Added Liz Patrick, underwriter and commercial analyst with CommStar Credit Union, “I like how everything, including receiving a NADA for a vehicle loan, is just in one spot. You don’t have to go here and there and everywhere to get that.”
“With Sync1 we have almost full integration with our core processor. That eliminates not only room for error, but it creates a highly efficient product that can just be pushed through to the core processor,” said Community West CU’s Heidi Hunt.
Ease of Configuration
“Rarely a loan origination system is going to have everything that you want the way you want it, and we liked the idea that we were going to be able to build and have a voice in how that was built, and what would get on the roadmap going forward,” said Susan Tillery, SVP/CLO with LGE Community CU.
Truly Understanding Credit Unions
“It’s always nice to have a vendor that understands your industry and deals primarily in that industry,” said Valerie Harper, AVP-lending with LGE Community Credit Union.
Added Susan Tillery of LGE Community CU, “It’s always nice to have a vendor that understands your industry and deals primarily in that industry.”
“We liked the efficiencies within the workflow that Sync1 brought for our end users,” said Rick Nock, chief lending officer with CommStar Credit Union.
“The main reason we went with Sync1 is we wanted the auto decision piece. Our current core system had a very basic auto decision and that just really didn’t work. Sync1 was a better option for us,” said Nock.
Why Credit Unions are Making the Switch
“We were reviewing all the big players, but when we met with Sync1 we walked away being very impressed. The rep was educated, and we liked the ability to build a partnership with them from the ground up,” said Heidi Hunt. SVP Lending with Community West Credit Union. “The Sync1 reps had a can-do attitude and we got the feeling that they genuinely cared about helping us build a product that could integrate with our core processor. It was different from the mentality of so many of those other big LOS systems.
“It’s nice to be with a system that is forward thinking at the ground level. It’s an opportunity to mold and grow together.”
As a fellow cooperative and CUSO, Sync1 said it puts credit unions first with a goal of helping credit unions run more efficiently and providing better and faster service.
Founders Steve Maloney (CEO), Dan Chaney (VP of Business Development), Bruce Callen (CFO), and Kevin Covington all have previous experience working in the Credit Union Industry.
The Sync1 LOS was specifically tailored for credit unions, from interface design to configuration.
Evan is a personal finance writer, content manager, and comedian based out of Los Angeles, CA. He’s covered credit cards, personal loans, new advances in fintech and more.