IMM Introduces eLoan Solutions

Hosted services empower simplified loan modifications and lead
generation

LINDEN, N.J.–(BUSINESS WIRE)–IMM,
a provider of eTransaction automation solutions for the modern business
enterprise, today introduced a suite of hosted eLoan services, which
enable financial institutions to fulfill new loan acquisition and
existing loan modification functions electronically. These services
enable financial institutions to retain more loans, increase portfolio
yield and attract more loans from the competitive market.

For years, banks and credit unions have preferred the convenience and
ease that IMM’s
eSignature technology creates around the lending process. Now, these
institutions can more fully engage qualified borrowers by allowing them,
through a self-service online experience, to adjust the terms and/or
interest rates of consumer and mortgage loans based on predetermined
parameters.

IMM’s easyReset
loan retention service empowers consumers to make personal financial
choices toward the goal of reducing existing loan payments. The turnkey,
interactive solution allows borrowers to explore available loan
modification scenarios, adjusting various loan parameters to see, in
real time, how different combinations of loan terms best fit their
current financial situation. Financial institutions remain in control by
pre-selecting qualified borrowers and the available options for term
extensions and associated APR. This model allows the institution to
pre-approve individuals within its lending guidelines and only market
the loan reset capability to those consumers with qualifying loans.

Once the consumer selects the desired terms, IMM’s document presentment
technology prepares the required modification documents real time for
eSignature. easyReset facilitates the entire loan reset transaction to
occur in one sitting, without in-branch visits or phone calls, credit
checks or traditional refinancing costs. Signed reset documents are then
automatically archived into the institution’s ECM or imaging repository.

A complement to easyReset, IMM’s easyLead
acts as a dynamic loan acquisition tool designed to attract consumers
with competitive loan offerings. Consumers interact with the easyLead
online dashboard to evaluate various loan options offered by the
institution. Once the individual makes a desirable loan selection, it is
submitted immediately as a lead to the financial institution’s
origination department for follow-up and closing.

easyLead simplifies and expedites the borrower’s experience of shopping
for a new loan or switching an existing loan, changing the loan type or
converting a lease to loan. The service can be implemented in days and
integrated with any financial institution’s digital marketing campaign,
making new loan leads and subsequent acquisitions occur at a fraction of
the traditional new loan acquisition cost.

The Partnership Federal Credit Union has already deployed this
technology through IMM’s strategic partnership with Rate Reset,
announced Aug.
18
. David Martinez, the credit union’s Director of Lending
Strategies and Business Technologies, explained, “The combination of
these services offers us a tremendous competitive advantage. Members who
want a lower payment can get it quickly and without the inconvenience of
traditional refinancing, plus we have the opportunity to retain the loan
by extending a payment that better aligns for the member. Not to
mention, being able to reprice loans on our books naturally raises their
yield by prolonging their term of repayment. We are thankful for the
support and partnership IMM provided to Rate Reset to make this a
reality for us.”

“Consumer engagement technology must be a top priority for financial
institutions to extend their reach and capabilities for lending,” said
Chuck Klein, CEO of IMM. “When economic conditions or life circumstances
change, borrowers often need a loan retooled to increase their available
monthly funds. Our new eLoan services enable them to exercise control
over their unique loan situation, reducing loan payment obligations. At
the same time, the financial institution lowers its loan runoff and
dramatically impacts its current loan portfolio performance.”

About IMM

Based in Linden, N.J., IMM develops and delivers innovative technology
solutions that enable financial institutions to electronically
streamline their business operations and processing environments. With a
strong and secure legacy of serving more than 650 banks and credit
unions with solutions for eSignature capture, business process
(workflow) automation, and document presentment, IMM continues to create
advanced software applications that promote clients’ sustainability
while dramatically increasing productivity and operational efficiencies.
The company is a longtime advocate of eSignature adoption and education,
active in ESRA
to advance the public’s understanding of issues surrounding the use of
electronic signatures and records.

For more information, visit www.immonline.com
or connect with the company on LinkedIn,
Facebook
and Twitter @imminfo.

Contacts

For IMM
Megan Fort, 678-781-7223
megan@williammills.com