How EPL’s i-POWER Creates Efficiencies in Lending

As credit unions and other financial institutions know all too well, loan origination and servicing are critical components of doing business. It is increasingly important to be able to provide competitive, compliant loans and quickly respond on loan approvals. All lending professionals know that member expectations are constantly changing as the market shifts and new technologies are developed, and it’s highly unlikely that members are entering your branch and filling out applications like they used to. In order to meet members where they are, it is vital to adopt the right technology and develop efficient processes which address their needs quickly.
 
Our core solution, i-POWER®, makes the lending process less cumbersome. i-POWER is a robust system that encompasses many facets of a credit union’s business, from transactions to member relationship management to cutting-edge lending capabilities. i-POWER supports consumer, indirect, home equity, mortgage and business loans, as well in-house credit cards. It services both investor loans and escrow management for mortgages. 

Here are several ways in which i-POWER streamlines lending:

1. Custom loan origination. i-POWER has three loan origination system options which offer varying features, enabling credit unions to select the system that best meets their specific needs. Each system is user-friendly and integrated, which eliminates the time-consuming process of rekeying data. 
2. Time-saving features.  At loan origination, i-POWER has many features available that simplify the lending process, such as automated decisioning, integrated credit reports, automated document generation, queue management, integrated task lists and e-signature capability, enabling your credit union to close loans in minutes. Information is readily available for loan servicing, including ongoing management of loans (e.g., escrow analysis and management). i-POWER also has the ability to create, document and track subsequent action activities such as extensions, skip-a-payments, changes in due dates, among other capabilities.
3. Easily accessible information for both staff and members. Credit union staff can view key loan information on the Member Profile screen, and can drill down to see specific information, such as collateral information, documents, payment history and more. Members can access their loan application and documents 24/7 via online or mobile applications – a necessity in the digital age in which we live.
4. Integration to third party solutions. Integration to other components of EPL’s system, as well as third party solutions, is key to innovation. Not only does it provide credit unions with additional options, but a seamless integration further streamlines your loan processes and allows you to customize your member experience. 
5. Management reporting. EPL’s i-POWER core system provides various management reports for credit unions to effectively manage their loan origination and loan portfolio. Through reporting, management can ensure loan requests are being processed promptly, and can access various analytics to determine the quality of loans requested. These reports also provide insight into loan portfolio performance and other key metrics.

With i-POWER®, credit unions can make the lending process more efficient, thus closing more loans and ensuring member satisfaction. Access to competitive loans is a key driver of credit union business, so an investment in a solution that makes it easier is a no-brainer.

Yvonne Sambrano

Sr. Lending Solutions Product Manager

EPL, Inc.