Make Settlement Services Better, Smarter, and Faster with Coviance’s MeridianLink Integration

The pressure to cut down on processing times and accelerate loan processing is on. The amount of HELOC accounts has increased every quarter since mid-2023, and home equity rates are expected to drop later this year encouraging even more people to take out a home equity loan. Banks and credit unions alike need to streamline their operations and get cash into borrowers’ hands faster. 

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Coviance’s Connector with MeridianLink Mortgage and MeridianLink Consumer loan origination systems (LOS) enables financial institutions to fulfill home equity settlement services faster, more consistently, and securely. The Coviance Connector with MeridianLink connects seamlessly as a centralized core system for financial institutions, creating a seamless, automated experience for lenders.

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What is the Coviance MeridianLink Connector?

The Coviance MeridianLink Connector automates documentation flow between MeridianLink and Coviance from online application to closing. Without an integration connection, lenders have to manually collect borrower data and import it into MeridianLink, then confirm all decision points before the LOS can underwrite and process a loan decision. The Coviance MeridianLink Connector automates workflows throughout the entire loan process. Not only does that provide an excellent front-end experience for borrowers, but the lender experiences a unified, consistent, and automated process that slashes loan cycle times.

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Why Is the Coviance MeridianLink Connector Important?

The Coviance MeridianLink Connector bilaterally flows information between solutions from application to closing so lenders can manage more home equity loans significantly faster. Borrowers can take advantage of Coviance’s new Point of Sale to apply for a loan online, while the financial institution easily reviews applications within Coviance to easily qualify the application. Loans seamlessly connect to MeridianLink to flow information throughout the lending experience. 

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With the Coviance MeridianLink Connector, Coviance users can:

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1. Gain real-time bilateral data sync. Don’t work across multiple systems of record anymore. Borrower data pre-populates and flows bidirectionally between MeridianLink and Coviance instantly.
2. Automate quality checks. For every application received through POS or in person, get detailed documentation of workflows and decision points. That lets you easily access real-time data and audit trails for loan processing.
3. Manage changes easily. Centralize the implementation and rollout of policy changes, and take advantage of unified billing. 

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Financial institutions already taking advantage of the MeridianLink integration see incredible time savings, automated work, and eliminating errors. “The workflow automation process and integration within MeridianLink has allowed for less clicks and time spent for our Loan Officers,” says Jessica Micheri, the Assistant VP of Lending at Farmers Insurance Federal Credit Union. “The ‘intelligent integration’ with MeridianLink made the process simple. The total time from contract to implementation only took two weeks!” View our entire case study with Jessica here.

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Ready to see how the MeridianLink integration can benefit your company as much as it benefits Farmers Insurance Federal Credit Union?