The Northwest Federal Credit Union has announced the launch of a new pre-approval program to provide members of the credit union with easier access to loan offers. This will save members the hassle of going through the loan application and underwriting process provided they meet the minimum criteria set prior to the campaign launch.
The pre-approvals will be made available to members through various channels such as the Northwest Federal Online Banking and Mobile App. In addition, Northwest Federal Branch and Call Center staff will be equipped to offer the pre-approvals during their one-on-one member interactions.
In addition to making a soft credit inquiry, Northwest Federal will also be evaluating the member’s credit profile along with a number of other factors. Once the member is pre-approved, they will be able to move quickly through the loan disbursement process without worrying about providing documents and going through a full loan underwriting, which is generally the norm for standard applications.
With the new pre-approved offers from Northwest Federal Credit Union, members can simply access the MyOffers button to see what they qualify for. The offer can be obtained through the desktop, mobile app, or by calling a representative. Northwest Federal Credit Union will inform eligible members of the loans that they are pre-approved for through a targeted email campaign. Members who are part of the National Pre-Screened Registry will not receive these emails or offers.
The pre-approved offers acceptance process is similar to consumer loans in the sense that members will have to execute closing documents before disbursement. Prior to signing and disbursement, a loan officer will reach out to the member to review the loan offer terms and schedule a date for the closing docs to be e-signed while also reviewing disbursement instructions. Once complete, the closing documents are created and issued to the member for their e-signature. Once the signing process is complete, the loan is disbursed just like a standard consumer loan.
Commenting on the launch of the pre-approved loan offers, Jeff Bentley, President/CEO of Northwest Federal Credit Union said, “We are always focused on member needs, and making sure loans are available just when our members need it will make life a lot easier.” According to Mr. Bentley, the average loan process takes from 24-48 hours, but, he added, “we save them the trouble of collecting and submitting documentation such as pay stubs and having to go through a standard loan approval process. Ultimately, a credit union exists to serve the needs of its members, and these pre-approved offers streamline the process of obtaining funds so our members literally get what they need when they need it,” commented Bentley.
The new pre-approved offers program will begin in late February with auto loans, and expand throughout the year to include other loan types.
About Northwest Federal Credit Union
Northwest Federal Credit Union is a full-service financial institution ranking among the largest credit unions in Virginia and in the top 60 credit unions in the nation. Established in 1947 and headquartered in Herndon, Va., the Northwest Why statement is to serve and inspire to transform lives. The Credit Union currently serves more than 270,000-plus members and has assets in excess of $4 billion. For more information, visit www.nwfcu.org or connect with us on Facebook, Twitter or LinkedIn.
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