Commonwealth Streamlines Home Equity Lending with Coviance

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Commonwealth Credit Union, a $2.48B asset-sized institution serving over 127,000 members in Kentucky, has experienced a significant increase in home equity loans. This trend is driven by homeowners reluctant to move due to their existing low mortgage rates of 2-3%. To meet the growing demand for home equity loans efficiently, Commonwealth became an early adopter of Coviance's workflow automation. This has allowed them to optimize their home equity and HELOC processes by:

• Managing increased loan volumes without additional staff
• Consolidating operations within a single platform, eliminating the need for multiple systems
• Reducing HELOC loan processing times by at least 50%
• Facilitating seamless communication with borrowers throughout the loan lifecycle

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By embracing Coviance's technology, Commonwealth Credit Union has positioned itself to efficiently meet the increasing demand for home equity loans while providing a streamlined, member-friendly experience.

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About Coviance

Coviance is a lending experience platform built specifically for home equity. Powered by our proprietary Collateral Decisioning Engine™, Coviance’s intelligent automation and communication workflows are based on application data, property data, and loan purpose. Lenders experience boosted productivity, increased loan volume and pull-through rates and elevated experiences across the entire lending process for borrowers and lenders alike. Contact us today to explore how you can achieve similar success.