As a result of switching to the integrated electronic signature, workflow and document solutions from the Linden, N.J.-based IMM, the $2.08 billion, Tampa, Fla.-based Grow Financial Federal Credit Union now closes 90% of its loans remotely via computer or mobile device.

The credit union elected to shift to IMM's Document Exchange in August 2014 to allow for faster processes and a seamless user experience. Grow Financial is currently implementing the latest version of Document Exchange, which will improve communication among its branches, enabling employees to view the status of a remote e-signature throughout its lifecycle.

“We are constantly looking at ways to improve our centralized lending environment and reduce the time members spend in the branch,” Jamie Langlois, retail lending development analyst for the credit union, said.

Langlois explained that instead of waiting at the branch to process documents, members typically head home. When ready, the loan processing group sends documents via Document Exchange to members, who, using the remote eSignature option, authorize the forms using a PC, laptop or mobile device.

Another benefit is the ability to map forms within IMM's portal, which allows users to make changes as needed.

IMM's eSignature solution, Document Exchange, is a cloud-based solution that captures all elements of an electronic signature transaction, creating a comprehensive audit trail. It can be fully integrate to other front- and back-end business applications.

“Grow Financial has long recognized the ability of e-signatures to simplify and accelerate the lending process, offering members the utmost convenience,” Michael Ball, vice president of markets and strategy at IMM, said. “Since the credit union closes the vast majority of its loans remotely via e-signatures, it was important to have the most secure, yet user-friendly product available in the market today.”

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).