Alliant Credit Union Selects DocuSign eSignature Service for New Loan Process
DocuSign to Smooth Transition to Closed-End Loans as Changes to Regulation Z Take Effect
DocuSign, the leading provider of on-demand electronic signature solutions, today announced that Alliant Credit Union, the seventh largest credit union in the United States with $7 billion in assets, selected DocuSign eSignature service to complete its closed-end loan process in compliance with upcoming changes in Regulation Z. This regulation affects more than 7,950 active status federally insured credit unions and their 90 million members.
Through DocuSign, Alliant members will electronically sign loan applications quickly and easily, avoiding the hassle of printing, signing and faxing or mailing bulky, multi-page applications. Alliant will launch DocuSign this summer to its 250,000 members and anticipates nearly 1,000 closed-end loans will be e-signed each month using the DocuSign eSignature service.
“Alliant chose DocuSign after vetting a number of competitors that simply didn’t measure up. DocuSign was clearly the most efficient, user-friendly way to transact the loan e-signing process,” said Ericka Gorman, consumer loan product/project manager at Alliant Credit Union. “As 70 percent of our loans are conducted online or through our call center, we wanted an eSignature service that was easy and cost-effective for our growing membership and DocuSign was the unanimous favorite.”
Alliant Credit Union provides a wide-range of financial services to employees and retirees of United Airlines, and select business affiliates, employee groups and communities across the United States. Of the financial services offered, loans are a significant component of Alliant’s portfolio. In 2009, Alliant originated $1.1 billion in loans to members and total loans outstanding grew by nine percent—significant growth during a turbulent economic year.
Today, Alliant members are required to sign an open-end loan agreement once and subsequent transactions are based upon the initial signed agreement. However, due to regulatory changes affecting open-end loans beginning July 1, 2010, Alliant will convert to closed-end lending. Members will be required to sign loan documents prior to disbursal. As this is a significant change for both Alliant and its members, the credit union wanted a smooth, easy transition to a new signing process for its disparate members.
Gorman spearheaded the project and began researching eSignature technology. After interviewing vendors and participating in numerous demonstrations, it was clear to Gorman and her other 20 reviewers that DocuSign was the right solution. DocuSign met or exceeded Alliant’s usability requirements—user-friendly, cost-efficient and easy to transition into Alliant’s business processes.
Alliant members apply for auto, recreational vehicle, student or unsecured close-ended loans online or through Alliant’s call center and branch network. Loan staff will create the loan documents and electronically send the documents through the DocuSign Console. The Alliant member will receive an email notification, and can quickly access the loan document through a computer or any Web-enabled mobile device, including Apple® iPhone® or iPad®, RIM®, BlackBerry®, Google® Android™, and Windows Mobile®. The member then adopts an e-signature and is guided through the e-signing process until completed. This new e-signing process is expected to take a few minutes to complete online and will further expedite the funding of loans to members.
“Alliant Credit Union consistently provides superior financial value and an on-going commitment to improve the member experience and financial well-being,” said Steve King, president and CEO of DocuSign. “DocuSign is pleased to be working with Alliant to help them streamline its new loan signing process, increase efficiencies and further enhance member satisfaction.”
For more information on how DocuSign can help with Reg Z compliance, visit http://www.docusign.com/e-signatures/credit-unions/regz.php.
About Alliant Credit Union
Alliant Credit Union is headquartered at Touhy Avenue and Wolf Road, Chicago, just north of O'Hare International Airport. With assets of over $7 billion, Alliant is the largest Illinois-based credit union and America's seventh largest in asset size. The credit union has additional locations in California, Colorado and the Washington, D.C. area. Its members include employees, family members and retirees of select employee groups and qualifying communities. Founded in 1935 as United Airlines Employee Credit Union, Alliant is celebrating its 75th year of service. Additional information about Alliant is available at http://www.alliantcreditunion.org.
About DocuSign, Inc.
DocuSign, Inc. is the leading provider of on-demand software services for electronic signature.DocuSign empowers individuals, small businesses and global enterprises to operate faster and more efficiently, with greater profitability, enhanced security and compliance. DocuSign is the only Web-based service to securely automate and control the entire electronic document signing process. DocuSign employs the SaaS eSign industry's only enterprise class SAS-70, fully redundant data center delivering 99.993% uptime for customers over the last 31 months. To date, more than 70 million signature events have been executed using DocuSign. In addition, DocuSign is the official and exclusive provider of e-signature services for the National Association of REALTORS® 1.1 million members, under the REALTOR Benefits® Program.
To learn how DocuSign can accelerate your business, visit www.docusign.com or call (866) 219-4318. Subscribe to the DocuSign blog at www.docusign.com/blog. Follow DocuSign on Twitter at http://twitter.com/DocuSign.
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