Case Study: Space Coast Credit Union accelerates home equity closings with Coviance

Space Coast Credit Union cuts home equity closing time from 21 to 14 days with Coviance

Space Coast Credit Union, a financial institution serving Florida, faced competition from large online non-bank lenders. Their challenge was to modernize their home equity lending process to match the speed and digital experience of these new competitors while maintaining their community-focused service. To address this, they partnered with Coviance for its home equity lending solution.

By implementing Coviance's digital platform, Space Coast Credit Union significantly improved its member experience. The solution provided greater transparency and a faster, digital-first journey. The measurable results were substantial, with 60% of files being closing-ready at assignment, average closing times reduced from 21 days to 14, and immediate member adoption of the new portal. Coviance enabled the credit union to close the technology gap and compete effectively.

Space Coast Credit Union