IMM, a pioneer of integrated eSignature, workflow and document solutions for the modern business enterprise, announced today 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. 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 percent loan growth in the first six months following implementation.
Andrew Britton, vice president of lending at Hughes FCU, said, “We are funding loans within days if not hours because of IMM’s eSignature technology. Loans are booked and worked into production almost instantly, not left sitting in the pipeline. Our members not only appreciate the pace at which we can turn a loan, but also value the flexibility that remote eSignatures create around their involvement.”
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. The efficiency gains and other tangible benefits of remote eSignatures are so significant that Hughes FCU is actively expanding their use.
“Hughes FCU has successfully moved away from a paper-based manual process to a fully electronic environment,” said John Levy, IMM executive vice president and ESRA (Electronic Signature & Records Association) board member. “In a relatively short time, the credit union completely transformed how employees assemble and deliver loan packages faster than ever, without additional resources, plus members gain the convenience of not needing to devote time in-branch awaiting approval and returning to sign documents. These factors together have a major impact on the credit union’s bottom line, enabling it to operate more efficiently while providing members with a positive, easy to use experience.”
IMM’s Document Exchange captures and records all relevant aspects of an eSignature transaction, creating unique enforceability through a comprehensive audit trail. Document Exchange is fully integrated with other business applications on both the front and back end, simplifying eSignature deployment and adoption for any financial institution.