The world’s largest credit union is joining the growing list of lenders that are taking the mortgage process digital.
Navy Federal Credit Union announced Monday that it is launching a digital mortgage application platform that offers borrowers the opportunity to receive a loan preapproval “instantly” in some cases, submit loan documents electronically, track their loan status online, and more.
The digital mortgage platform, which Navy Federal calls “HomeSquad,” is now available to Navy Federal members.
“We wanted to simplify the home loan financing journey while keeping our team at the center of it,” said Randy Hopper, senior vice president of mortgage lending at Navy Federal. “I think our members will be pleasantly surprised with how much easier it is to interact with our team for their home loan needs when they use HomeSquad.”
Navy Federal partnered with mortgage tech firm Blend to power the digital mortgage experience. According to Navy Federal, the Blend platform is the foundation of the credit union’s digital mortgage experience.
According to Navy Federal, borrowers using HomeSquad can:
- Enjoy a guided, personalized step-by-step process
- Stay on track with personalized check list
- Track loan status 24/7
- Receive notices when key milestones are achieved
- Link to key financial accounts
- Upload tax returns, pay stubs and other key documents easily
“No matter if you’re looking to buy your first home or your fifth, HomeSquad is going to make the process feel personal and efficient so you can focus your attention on finding the home that fits you best,” Hopper added.