The $3.8 billion Mountain America Credit Union has become the first financial institution in the U.S. to close a Federal Housing Agency-insured loan with e-signatures rather than with ink and paper.

The Mar. 18 change allowed the credit union to reduce the process from 45 minutes or an hour down to 15 minutes or less. In addition, the electronic loan closing allowed the credit union to fund the loan in the same day it closed, executives said, a development which is particularly good for Realtors.

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