Linden, NJ | December 14, 2015
Hughes FCU Presented Best Practice Award from Credit Union Journal for its work with IMM
Hughes Federal Credit Union has received a Credit Union Journal Best Practices Award for its deployment of IMM’s cloud-based remote eSignature solution, Document Exchange. The credit union incorporated eSignatures into its lending processes with several goals in mind. Among them, Hughes FCU sought to minimize processing times and associated costs, improve its loan closure rate, expand direct lending capabilities, and simplify the experience for members.
Credit Union Journal’s annual award program is designed to recognize an innovative practice, policy, product, or procedure that has a proven track record of success. Hughes FCU has experienced extraordinary results since deployment of IMM’s Document Exchange, including:
- Taking the average loan process down to 120 minutes from the traditional three week process;
- Replacing a $40 per loan express mail option with a no cost option via password based authentication;
- Increasing indirect lending volume by 27 percent and boasting a much higher loan closure rate; and
- Calculating an annual cost savings of nearly $107,000.
Congrats to Hughes FCU for finding a better way to lend! Check out the full story of the credit union’s partnership with IMM. If you’re interested seeing a similar impact at your credit union, visit our eSignature page or contact us today!