Credit Union: Automation-Driven Cost Savings

Automating loan document preparation enables credit unions to reduce costs tied to legal services, administrative tasks, and compliance management. By replacing attorney-driven processes with automated document generation, credit unions can cut per-loan costs, save staff time, and process loans faster—all while ensuring regulatory compliance is achieved.

A 2024 study by Freddie Mac indicates that origination costs have risen 35% over the past three years leading up to the study and now top $11,600 per loan for retail lenders.

Key Cost Savings Metrics*

Attorney Cost Reduction: $1,000 to $1,500 per loan saved by eliminating legal preparation fees.
Resource Efficiency Gains: Reduce man-hours by up to 96% per loan, saving approximately 8.67 hours per loan through streamlined administrative tasks, compliance reviews, and document preparation.
Time-to-Close Reduction: Reduce document preparation from three days to just 20 minutes.
Member Savings: Lower closing costs, faster loan approvals, and provide a more seamless lending experience.

* Based on standard loans that may include levels of complexity, such as multi-state loans, multiple properties, up to four guarantors, and various lien priorities.