Mutual Credit Union Transforms Mortgage, Consumer Lending Processes with Electronic Transaction Automation from IMM
IMM, a pioneer of integrated eSignature, workflow, and document solutions for the modern business enterprise, is pleased to announce that Mutual Credit Union transformed its lending and member service processes after deploying 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 percent in some instances. The credit union is using TotaleAtlas for mortgage transactions, auto, and other consumer loans, as well as its member enrollment processes.
The Mississippi-based credit union identified inconsistent loan practices across its five branches during a 2012 loan review. It was recommended to the credit union that they explore IMM’s eSignature and document presentment options. At the time, Mutual Credit Union handled all aspects of lending manually. By shifting to IMM’s fully electronic, paperless eSignature solution, the credit union is able to complete loan transactions that once took days in as little as just 10 minutes.
“IMM’s solutions are the best product investments we have made in a long time,” said Michael Mathews, president of Mutual Credit Union. “It is nearly impossible to quantify the time and costs savings we experience from removing manual practices and eliminating expenses associated with paper, including courier services. Member onboarding and loan transactions are now just as consistent as they are fast, and IMM has paid for itself tenfold with the level of service we receive from its team.”
IMM’s TotaleAtlas provides business organizations with flexible electronic document presentment and eSignature capabilities. For Mutual Credit Union, it was important to identify a vendor compatible with its account processing system; IMM fully integrates to frontend core, LOS and deposit platforms and automatically archives completed transactions into almost any imaging/ECM system.
To extend its eSignature experience, Mutual Credit Union also selected IMM’s TotaleAtlas Workflow. This automated document workflow solution helps to control and enforce eSignature processes and post-signing functions, regulating that tasks occur only in accordance with established policies, procedures, and timelines.
John Levy, IMM executive vice president and ERSA board member, said, “In just three years, Mutual Credit Union has completely reformed how it conducts business. Now, whether it is an auto loan, a mortgage or a new member’s enrollment, the credit union’s leadership can know with certainty that processes are handled consistently between branches and in a manner efficient for employees as well as for members. Mutual Credit Union is proof of the considerable difference electronic records and eSignatures make.”
Based in Linden, N.J., IMM develops and delivers innovative technology solutions that enable financial institutions to electronically streamline their business operations and processing environments. With a strong and secure legacy of serving more than 650 banks and credit unions with solutions for eSignature capture, business process (workflow) automation, and document presentment, IMM continues to create advanced software applications that promote clients’ sustainability while dramatically increasing productivity and operational efficiencies. The company is a longtime advocate of eSignature adoption and education, active in ESRA to advance the public’s understanding of issues surrounding the use of electronic signatures and records.