Credit Union Looking Forward to First Electronic Mortgage Closing

David Morrison
November 30, 2009 | COMMENTS

The $1.7-billion Michigan State University Federal Credit Union recently closed a mortgage electronically for the media as members finalizing their mortgage documents will do so entirely through touch screen computers.

“Giving our members electronic access to online applications, closing documents, and finally the convenience of an e-closing, all enhance our members' experience with MSU Federal Credit Union,” said Jeffrey Benson, vice president of operations for MSU Federal Credit Union.

“We want to be the first lender our members think about when it comes to financing their homes, vehicles and other things necessary to their lifestyle. Being a leader in electronic services enhances our relationship with our members,” he added.

The credit union has been closing mortgages electronically since April, but withheld publicizing it until now, the credit union said.

 The closing table is converted from pen and stacks of paper to digital documents and touch screens. Once the closing is complete, the member receives a flash drive or CD with all the documents loaded to take home and store for future use. Documents are also stored online at the credit union for future review. The e-closing is a product of Stewart Title, a subsidiary of Stewart Information Services Corporation.

Joyce Banish, vice president of university and community public relations for the credit union, explained that one advantage of the electronic closing is that someone interested in the closing, a spouse while traveling for example, could also take part in the closing at the same time though an e-closing link with other Steward Title offices. A traveling spouse of other interested party could be in the other Stewart Title office in the other location and still take part in the closing through the touch screen technology.

This article was originally published in Credit Union Times at www.cutimes.com and is reprinted with permission.