Throughout the past month, LenderClose has been featured in the Credit Union Times and CUInsight for our noteworthy advancements and reflections during these uncertain times. Continue reading for a preview of each recent news article:
Remote Online Notarizations for Credit Unions Launch in Iowa
By Tina Orem
Several Iowa credit unions have been shifting to remote online notarizations to close mortgage loans after the state declared a public health emergency on March 17. The state’s declaration suspended the requirement for a notary to be physically present for signing real estate loan documents.
One of those credit unions, the Cedar Rapids-based Collins Community Credit Union, began using the technology last week. Collins Community has $1.2 billion in assets and about 87,000 members.
The West Des Moines-based CUSO LenderClose is providing the technology, called remote online notarization (RON). It uses audio-video technology to share documents electronically, confirm identity and conduct the signing and notary process in a face-to-face, virtual environment. Remote online notarization is not the same as eNotary, which still requires borrowers and notaries to be in the same room to validate the borrower’s ID in person, according to LenderClose.
Let’s Not Return to ‘Business as Usual’ After the Pandemic
By Ben Rempe, COO, LenderClose
A couple of months ago, I had an idea for a piece I wanted to write about the disconnects between credit union investors and investees. This, of course, was before the COVID-19 pandemic left us all feeling more than a bit separate and disconnected.
My original idea was a call to action to break the mental frameworks that shape the way we view opportunities. During the past 15 years of fundraising for CUSOs – and particularly during the last few months of series B fundraising for LenderClose – I had been getting an up close and personal view of the limits we create when we stay in our lanes, and don’t open ourselves to new ways of doing things. My plan was to issue a challenge to move outside comfort zones, make bold moves and invest in innovative CUSOs.
But then COVID-19 hit, and all I could think was that everything had changed.
But, had it? I soon started to see the many ways the crisis just magnified the problem.
COVID-19 Emboldens Credit Unions to Take Larger Strides on Contactless Lending Journey
By Allen Jingst, SVP Sales, LenderClose
Analysts are busy making all sorts of predictions about how the coronavirus pandemic may change the way humans behave, the things we value, and the types of activities we enjoy. Their forecasts range from the obvious (e.g., more companies will reconsider remote working policies) to the provocative (e.g., robots, rather than humans, will take vitals in a healthcare system).
One prediction that really resonated with our team is the idea of the investor mindset shift. As one startup CEO surmised, venture capitalists will look less at revenue and funding rounds, more at things like culture and flexibility, which can sustain a young, scaling business through market fluctuations and unforeseen circumstances.
The analyst and startup communities are far from the only ones pondering change. The credit unions we talk with on a daily basis are beginning to think about the longer-tail impact of COVID-19, too. After weeks of hustle and bustle to maintain the mission critical areas of their cooperatives, credit union executives are likely able to exhale long enough to consider what’s next.