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Article: How Bellco Credit Union Is Achieving End-to-End Loan Modifications In Just 5 Days.(Technology)
- Article from:
- Credit Union Journal
- Article date:
- July 27, 2009
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Byline: Kevin Jepson, Technology Correspondent
DENVER-Loan modifications are completed in five days when signed electronically at Bellco CU here - perhaps saving 50% of the costs associated with paper-based execution,
Members have taken to electronic signatures for loan modifications since the service was introduced in April - more than three-quarters of all modifications are signed electronically, according to Ryan Klassen, director, lending services, at the $2-billion CU. E-sign is also routine for business loans, with a nearly 90% usage rate, he said.
"Credit unions need to get over their fear of e-signatures and the potential cost and time ...