Navy Federal Credit Union is taking inspiration from the fintech ecosystem in the revamp of its digital mortgage pre-approval tool.

Similar to Better.com’s digital-first customer experience supplemented by human help, Navy Federal loan officers are working with members to help them navigate mortgage applications online. The credit union, which serves active duty military, veterans and military families, is using technology from fintech startup Blend to streamline its application process.

Randy Hopper, senior vice president of mortgage lending at Navy Federal, said the technology-driven process with applicant input will help loan officers save time because they will spend less time inputting data manually. 

With the tool, called the Pre-approval Builder, loan officers browse alongside members applying for a mortgage and review members’ credit, liabilities and monthly expenses, as well as consider a home’s closing cost, to generate a pre-approval letter in 30 minutes. Blend’s Pre-approval Builder also lets members pull in all their accounts from different financial institutions to create a consolidated asset overview. 

Navy Federal’s mortgage application that integrates Blend’s technology, which it calls HomeSquad, is designed to speed up the application process. In the past, members would send their information and paperwork to the credit union.

According to Hopper, mixing human and digital during the mortgage application process is important for Navy Federal’s unique member base. For example, a disabled veteran who receives a stipend from the government has paperwork a traditional bank may be less equipped to assess. By allowing members to use online channels with the guidance of loan officers, Navy Federal is hoping to limit confusion among customers that could crop up during the application process.

Hopper said about 90,000 applications have come through the pre-approval tool since the credit union began using it four months ago. About 63,000 of those applicants have used the asset consolidation tool. 

See also: Digital mortgage application company Blend raises $130m to expand bank partnerships

Blend’s Pre-approval Builder is a natural extension of its recently announced one-tap mortgage application process. The mortgage company, which offers its underwriting product to banks and credit unions, depends on automation to reduce processing times. 

According to Leslie Parrish, senior analyst at Aite Group, even digital-savvy customers prefer speaking with a human at complex points during the mortgage application process, and the Navy Federal solution allows loan officers to focus on priority tasks. “Not only does this save the lender and borrower time, it also can help build a relationship with that customer leading to further opportunities down the road,” she said.

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