LINDEN, N.J.—IMM, a provider of integrated eSignature, workflow and document solutions, said that Tucson, Ariz.-based Hughes Federal Credit Union has deployed its cloud-based remote eSignature solution, Document Exchange.
By offering remote eSignatures, the $796-million credit union has expanded its direct lending capabilities, the company said. All loan transactions were previously conducted at the branch level, incurring the traditional shipping costs of overnighting documents between branches and members. Additionally, Hughes FCU’s processing time could be up to three weeks from when the loan was initially approved to the time it was funded. The addition of IMM’s remote eSignature capabilities has enabled the credit union to now average only 120 minutes for the same process. As a result, Hughes FCU has a higher closure rate and has increased its direct lending volume, seeing 20% loan growth in the first six months following implementation, IMM reported.
Hughes FCU initially introduced IMM’s Document Exchange to existing members and is in the process of expanding it to non-members as well as making eSignatures available throughout all branches. The credit union is using the platform for both lending and membership documents.
Separately, IMM said that Mutual Credit Union has improved its processes after installing the company’s IMM’s TotaleAtlas solution.
This year, the credit union’s audit uncovered zero loan document exception items, down from nearly 100 just three years ago – a change the credit union largely attributes to its use of IMM technology. Mutual Credit Union has also decreased its loan completion time by 75% in some instances. The credit union is using TotaleAtlas for mortgage transactions, auto, and other consumer loans, as well as its member enrollment processes.