CHICAGO – Alliant CU has chosen DocuSign’s eSignature service to complete its closed-end loan process in compliance with upcoming changes in Regulation Z.
DocuSign said its service will allow members of the $7 billion credit union to 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.
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, 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.
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 e-mail 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, 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.
DocuSign is based in Seattle.
