IMM Introduces eLoan Solutions

Hosted services empower simplified loan modifications and lead generation

LINDEN, N.J.--()--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

Release Summary

IMM's eLoan services enable financial institutions to fulfill new loan acquisition and existing loan modification functions electronically by engaging borrowers through a self-service online channel.

Contacts

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