News & Press: Credit Union News

TruStone Financial, Royal Credit Unions win Credit Union Journal Best Practices Awards

Tuesday, October 17, 2017  
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Credit Union Journal (October 17, 2017) - Credit Union Journal’s Best Practices Awards program is a treasure trove of proven, results-driven strategies aimed at boosting growth, improving efficiency, cutting cost, enhancing member service, living the credit union philosophy and driving revenue.

 

Just as important, they must be scalable and adaptable so readers can model their own programs off these great ideas. This program is designed not to offer accolades to individuals but to recognize innovations that have shown real-world results.

 

The following credit unions operating in Minnesota received awards:

 

TruStone Financial Revs Up Auto Lending

 

Credit union: TruStone Financial Federal Credit Union

Location: Plymouth, Minn.

Assets: $1.2 billion

Category: Auto Loan Refinance

 

By transitioning its marketing and communications department to a “dad-driven” marketing team, TruStone Financial Federal Credit Union has been able to increase its auto loan penetration rate.

 

 

How Royal Credit Union Boosted MBLs

 

Credit Union: Royal Credit Union

Location: Eau Claire, Wis.

Assets: $2 billion

Category: Member Business Lending

 

The $2 million Eau Claire, Wis.-based credit union is ranked sixth for highest volume of business loans for credit unions nationwide and currently maintains a $708 million business loan portfolio. In an effort to make loan applications easier, the credit union turned ot the Carmel, Ind.-based Bake Hill, a loan origination software and bank lending solution firm. As a result of that partnership, the credit union has process more than $35 million in MBLs through the platform.

 

 

Royal Credit Union Streamlines Mortgage Processes

 

Credit Union: Royal Credit Union

Location: Eau Claire, Wis.

Assets: $2 billion

Category: Loan Processing

 

With a significant number of new loans sold to Fannie Mae each year, Royal Credit Union’s employees began to voice concerns about the increasing complexity in the Fannie Mae guidelines, which mad the home loan process time consuming and cumbersome. Working in concert with Fannie Mae, however, the credit union streamlined processes and increased efficiencies to the point where it can process an additional 27 loans per month. The number of loans sold to Fannie Mae has also risen by 43 percent.

 

View all Credit Union Journal’s Best Practices Awards winners.


Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034