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  • Writer's pictureKelsie Papenhausen

Union Bank Selects Baker Hill NextGen® Consumer Loan Origination and TruStage™ Compliance Doc Prep

Union Bank, which serves customers throughout Vermont and New Hampshire, adds new Baker Hill products to streamline consumer loan origination


CARMEL, Ind., Jan. 29, 2023 – Baker Hill, the leading financial technology provider in delivering solutions for loan origination, risk management, and analytics, today announces an expanded partnership with Union Bank of Vermont and New Hampshire. After upgrading to Baker Hill NextGen® for commercial lending last year, Union Bank will now leverage Baker Hill NextGen® for consumer lending, along with TruStage™ Compliance Solutions for document preparation.


Since 1891, Union Bank has proudly served customers and businesses across Northern Vermont and Northern New Hampshire. The bank has built a strong reputation for investing in its communities for more than a century. With Baker Hill NextGen® Consumer Loan Origination, Union Bank can process consumer loan applications more efficiently while controlling credit risk. The solution will allow the bank to automate its entire consumer lending application process, from submission to decisioning to booking and reporting, helping Union Bank to process more consumer loans quickly and accurately.


Union Bank will also leverage Baker Hill’s integration with TruStage™ Compliance Solutions for loan document preparation. Baker Hill NextGen® and TruStage™ Compliance Solutions integrate seamlessly, giving the bank a complete, end-to-end solution that effectively manages the entire loan process with greater speed, consistency, and simplified compliance. With this integration, Union Bank can streamline document preparation while ensuring all forms adhere to federal and state-specific compliance regulations, reducing risk for the bank. Additionally, Union Bank will automatically board loans back to their core processing system through Baker Hill’s integration with Lowenstein’s LenderLink, further streamlining the origination process.


“In early 2023, we deepened our long-standing partnership with Baker Hill and upgraded to Baker Hill NextGen® to manage the entire commercial lending process in a single platform. Following the success of this upgrade, we have chosen to move up the digital adoption curve by implementing the company’s proven consumer loan origination solution, along with additional integrations, such as TruStage™ for compliance document prep, that will only add to our efficiency gains,” said Jonathan Gould, SVP of Union Bank. “We look forward to our continued partnership with Baker Hill, as they have proven themselves to be a partner who is deeply invested in our bank’s success.”


“Our team is proud to serve Union Bank and empower their institution to digitally transform their lending processes across their portfolio. Union Bank’s journey with Baker Hill is a testament to the power of our award-winning loan origination software and our ability to grow alongside our clients as their lending needs evolve,” said John Deignan, president and CEO of Baker Hill. “We anticipate continued success for Union Bank in the years ahead and are thrilled to help them offer a world-class borrowing experience for their clients.”


About Union Bank

Union Bank, a wholly owned subsidiary of Union Bankshares, Inc (UNB, traded on the NASDAQ Exchange), has been helping people buy homes and local businesses create jobs in area communities since 1891. Headquartered in Morrisville, VT, Union Bank is a full-service bank offering deposit, loan, trust, commercial and municipal banking services throughout northern Vermont and northwestern New Hampshire. Union Bank has earned an outstanding reputation for residential lending programs and is an SBA Preferred Lender. Union Bank has received an “Outstanding” rating for its compliance with the Community Reinvestment Act (CRA). This rating recognizes Union Bank’s excellent record of helping to meet the credit needs of members of the communities in which it operates, particularly in low-and moderate-income neighborhoods. Proud to be one of the few community banks serving Vermont and New Hampshire, Union Bank maintains a strong commitment to traditional banking values. Union Bank is dedicated to providing personalized customer service and community support, including donations to numerous local nonprofit organizations. These values—combined with financial expertise, quality products and the latest technology—make Union Bank the premier choice for your banking services, both personal and commercial. Union Bank currently maintains 18 banking offices, 3 loan centers and multiple ATMs. Member FDIC. Equal Housing Lender.

 

About Baker Hill

Baker Hill is in the business of evolving loan origination by combining expertise in technology with expertise in banking. Built on decades of walking alongside banks and credit unions as they provide vital resources to their communities, Baker Hill NextGen® is a configurable, single platform SaaS solution for commercial, small business, consumer loan origination, and risk management that grows along with you as your business needs change. Baker Hill is lending evolved. For more information, visit bakerhill.com.

 

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