VACU Mortgage App Named Finalist in National Gartner Competition
(Richmond, VA, November 8, 2017) — A mobile application that Virginia Credit Union piloted to enable applicants to securely track mortgage status and upload needed documents from a smartphone was a finalist in the 2017 Gartner Eye on Innovation Awards.
The awards, which were held in October in Orlando, FL, recognize innovative uses of technology from the financial industry over the past 12 months.
VACU's mobile mortgage application gives users real-time notifications of their loan status, simplifies communication with their loan officer and enables members to securely send documents needed to complete their mortgage application. Developed as a pilot, the project was so successful that it is being expanded to all the credit union’s mortgage applications.
Virginia Credit Union competed against much larger competitors USAA and Northern Trust. VACU’s application was one of three nominees considered in the “Most innovative digital customer service or product” category from more than 160 award entries.
“Our mortgage app works because it is built around the member experience, and not the mortgage process,” explains Trey Kelso, senior vice president for architecture, strategy and innovation in the credit union’s IT department. “By helping members track the needed documentation and giving them an easy and secure way to send them to us, the mobile app has dramatically reduced delays caused by missing paperwork. As a result, our members get into their homes sooner and they experience a more efficient, transparent process.”
A financial cooperative serving more than 263,000 members, Virginia Credit Union offers a variety of affordable banking services, loans, mortgages, and free financial education resources, with a focus on helping people be more confident with their finances. Virginia Credit Union is an equal housing opportunity lender and is federally insured by NCUA.
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