Rate Reset, a startup fintech firm offering software that allows borrowers to change the terms of their mortgage and auto loans, announced a new partnership with IMM, a digital signature services provider.
According to an announcement from the McLean, Va.-based firm, the partnership could bring its software to as many as 650 additional banks and credit unions. Currently, 26 credit unions use at least one of the firm's products.
The Linden, N.J.-based IMM will incorporate Rate Reset's technology into new products that it will offer its client banks and credit unions beginning this fall, the companies said.
Rate Reset has said by allowing borrowers to easily change the terms of their loans, they can protect the loans from being refinanced by other financial institutions. The firm markets several of its products as loan retention solutions.
"IMM views our new partnership with Rate Reset as an opportunity to unite like-minded technology companies to deliver innovative solutions to financial institutions and their customers," IMM president/CEO Chuck Klein said. "We look forward to bringing our new solutions to market this fall that will create an engaging consumer experience, improve operational efficiencies and increase revenue streams. We feel technology collaborations, like ours with Rate Reset, are critical to driving the financial industry and its technology evolution forward."
Rate Reset Co-founder and CEO Keith Kelly added, "The current process for loan acquisition and retention is extremely inefficient and, in the case of loan retention, can be nonexistent, and therefore presents a significant business opportunity. IMM recognizes this opportunity, and we are delighted to work together to leverage our technologies for the financial services industry and thereby bring greater innovation to the marketplace. This is a very positive development for our organizations and the financial industry."
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