We've all heard that recycling is good for our planet, and we understand the importance in conserving resources, which is one driving factor for credit unions to go paperless. Regardless of where you stand on "going green",  the bigger driver behind the paperless movement is money.  Green is the new gold. eStatements is a way to save time and money for both you and your members. Offering digital alternatives to paper bills makes your credit union more efficient, and when it comes to electronic statements, being paperless saves on the cost of paper, printing, and mailing. 

Does your credit union have a back room that conjures images of haunted houses, lined with old squeaky file cabinets filled with paper documents? Is it the kind of room employees are afraid to visit, with cobwebs and the foulest stench in the air - the funk of 40,000 years? At this stage in the digital banking era, these cabinets are no thriller and should be set aside for your Halloween fun-fest. It’s time to significantly cut back on your paper reliance and join the modern world. Digitizing the lending process, as well as your other operational processes, can create efficiencies for both your members and your credit union.

Electronic documents are a mundane yet integral part of the financial industry, as they improve operational efficiency, reduce costs and save paper for banks and credit unions. Members also enjoy the convenience they offer, as they are able to sign disclosures and send the document back from their mobile phone or computer. Electronic Signing is a key feature allowing members to agree to the terms of documents without a trip into their credit union's branch. Electronic signatures carry the same legal weight as paper documents thanks to the Electronic Signatures in Global and National Commerce Act (ESIGN), which went into effect on October 1, 2000. For this reason, eSignature is the preferred method for both members and CUs alike for its convenience. However, there are particular rules and regulations regarding ESIGN to which credit unions must abide. Here are important compliance guidelines to keep in mind when implementing eSignature options.

Six years ago, many credit unions were skeptical of electronic signatures. In 2013, about 10% of credit unions larger than $20 million in assets offered eSignatures and those with fewer assets adopted the platform at even lower rates. Today eSignatures are a coveted member benefit and those who predicted it would become an integral part of the digital lending process back in 2013… they were right!  At the time, eSignatures were fast growing, and in just one quarter eSignature integrations shot up 25%. Early adopters even found that pull-through rates on applications increased up to 20% as a result of eSignature options. If electronic signatures were providing results all the way back in 2013, then it should not come as a shock that the feature is even more important within digital lending processes today. Here’s why credit unions that have yet to implement eSigntaure options should take the leap this year.

For the first time in seven months, the demand for homes is stabilizing. In October the sale of previously owned homes increased, which indicates that existing properties are becoming less scarce. While this bodes well for those in the buyer’s market, mortgage rates have yet to budge. More properties are available, yet the prices continue to rise. The mortgage rate is the highest it has been in eight years, and the Federal Reserve is expected to increase interest rates again in 2018 and into 2019. Although NAR Chief Economist, Lawrence Yun, has urged the Fed to pause interest rates to avoid stunting growth in the housing market.