A pair of CUSOs said their collaboration in digitally providing student loan documentation is now in place at 200 credit unions.
Credit Union Student Choice in Washington, D.C., uses the idocVAULT technology from eDOC Innovations of Middlebury, Vt., and Midway, Utah, to electronically distribute the processing documents.
Credit unions using the service make school-certified private loans that they then hold on their own books. The 3-year-old CUSO said it now has funded more than $400 million in loans for about 30,000 students.
The newest participants include the $2 billion Bellco CU in Greenwood, Village, Colo., the $996 Empower FCU in Syracuse, N.Y., the $624 million San Mateo CU in Redwood City, Calif., and the $665 million Purdue Employees FCU in West Lafayette, Ind.
“Adding these dynamic credit unions to our growing client roster underscores the opportunity in helping students and families achieve higher education goals,” says Jon Jeffreys, president of Credit Union Student Choice, which is run by Callahan & Associates senior managers and includes about 40 credit unions among its owners.
eDOC Innovations said it now provides e-signature, document imaging, remote deposit check processing and other services to more than 400 credit unions.