LINDEN, N.J.,–IMM, a provider of eTransaction automation solutions, has introduced a suite of hosted eLoan services that it said will enable financial institutions to fulfill new loan acquisition and existing loan modification functions electronically. These services enable financial institutions to retain more loans, increase portfolio yield and attract more loans from the competitive market, the company said.
IMM said its easyReset loan retention service empowers consumers to make personal financial choices toward the goal of reducing existing loan payments. “The turnkey, interactive solution allows borrowers to explore available loan modification scenarios, adjusting various loan parameters to see, in real time, how different combinations of loan terms best fit their current financial situation. Financial institutions remain in control by pre-selecting qualified borrowers and the available options for term extensions and associated APR. This model allows the institution to pre-approve individuals within its lending guidelines and only market the loan reset capability to those consumers with qualifying loans,” it said
The Partnership Federal Credit Union has already deployed the technology through IMM’s strategic partnership with Rate Reset.