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IMM updates closed-end loan compliance solution
LINDEN, N.J. (9/21/12)--IMM, a provider of eSignature, workflow and document solutions for financial institutions, said its Document Exchange solution meets all closed-end lending requirements and assists financial institutions in transitioning from an open-end model or instituting a blended lending strategy.

Changes to Regulation Z's open-end credit rules, originally put forth in 2009 and now governed by the Consumer Financial Protection Bureau (CFPB), have challenged many credit unions and that must implement policy and procedures to adhere to the requirements for a multi-featured open-end lending structure. As a result, many institutions that have moved to a closed-end or blended lending plan.

The number of credit unions using an open-ended lending process has dropped to roughly less than 1,200 or 1,500 as opposed to the 3,400 from in 2010, according to Bill Klewin of CUNA Mutual Group.

The closed-end lending model requires a new signature for each new disclosure. Rather than requiring the borrower(s) to schedule an appointment at the branch (for each required transaction/document), IMM's secure, cloud-based document delivery and eSignature capture technology enables the transaction to be fulfilled from virtually any location, at any time. Taking this process out of the branch replaces the physical paper trail and frees credit union or bank employees to focus on other tasks that can drive new business.


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