July 21, 2024

Credit unions utilize new technology to update underwriting process

SAN DIEGO — Some credit unions plan to adjust underwriting criteria and leverage technology to support increased loan volume, while others are scaling back on auto lending due to higher delinquency rates. “Consumer behavior has evolved over the years, necessitating changes in how we assess creditworthiness,” said a representative from ORNL Federal Credit Union in Oak Ridge, Tennessee.

Q: What steps are credit unions taking to adapt to changing consumer behavior?

A: Credit unions are revising underwriting standards and incorporating technology to facilitate loan growth.

In conclusion, credit unions are proactively responding to shifts in consumer behavior by updating underwriting criteria and embracing technological advancements in order to sustain loan volume growth.

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