McGraw-Hill Federal Credit Union has selected DocuSign, a provider of SaaS-based electronic signature platform, to securely expedite the consumer lending process online.
DocuSign said that it will offer McGraw-Hill members anywhere, anytime convenience to securely sign consumer loan documents online. Using a laptop or mobile device, McGraw-Hill members can electronically sign and return loan documents in minutes, thereby significantly reducing the time, environmental impact and cost of traditional paper-based loan processing.
DocuSign eSignature service streamlines the loan signing process and ensures compliance with Regulation Z or more commonly known as Truth in Lending. This regulation, taking effect July 2010 for credit unions, requires lenders to fully disclose in writing the terms and conditions, including annual percentage rate and other charges for closed-end loans.
Michael Sullivan, executive vice president and COO of McGraw-Hill Federal Credit Union, said: “We looked at e-signing to increase efficiencies throughout our four branches and to improve loan processes to enhance member convenience. We quickly realized that the DocuSign service would easily fit into our workflows since it is as easy as sending an email. After examining DocuSign’s functionality, reliability, security and the caliber of its clientele, the decision was easy. We’re confident that DocuSign is the best fit to streamline and accelerate our loan signing process.”