SALT LAKE CITY-An initiative to offer e-signatures and e-closings on mortgage loans at Mountain America CU here has proved successful in its first year, and the credit union is now hoping to expand e-closings to other loan offerings in the coming years.
MACU launched its "Quick Close" e-signature initiative for mortgages in February ("
As part of the process, members sign a digital signature pad rather than multiple sheets of paper, and then are able to review their closing documents on their home computer and receive a flash drive that includes all of their mortgage documentation after the loan closes.
The process is not priced any differently and saves members about $100 on items such as courier charges.
Traditinally, electronic signatures have not been acceptable on FHA loans, but that's set to change in early 2012, and Moser said she expects the program to expand once FHA gets onboard with e-signing. She added that Mountain America hopes to create a "Quick Close" app during 2012, so that members can review closing documents on iPads and iPhones.
MACU's consumer loan department is also looking to institute something similar to "Quick Close" sometime in 2012, although details are still being worked out.
"I think we've taken all the bumps out and it will be pretty easy for them," said Moser. "Because it's running smooth for us to the point where it's something we do on a constant daily basis, there wouldn't be a lot of hiccups for them, to be honest."
