By Steve Winnie – EVP, Chief Operating Officer and Chief Counsel at Campus Door
DocuSign has been instrumental in our ability to increase our conversion rate from application to funding without sacrificing security or response time. In the education finance marketplace, and especially in the current credit climate, most of our loan applications consist of a student borrower on campus and a parent or relative cosigner in a completely separate physical location. Traditional student lending practice has been to mail a paper copy of a loan agreement to a student and ask the student to sign and forward the agreement via mail to their cosigner who would then mail the document back to the lender. This process generally took up to three weeks and cost lenders hundreds of thousands of dollars in costs to follow up with their applicants to ensure that the documents were executed and returned. And don’t even get us started on what happened when the documents came back to the lender, but were missing a signature, initial or a date! With DocuSign’s eSignature solution, both student borrowers and their cosigners can securely execute their loan agreement and other required documents within the same online session as their application. If the cosigner is not physically present with the student, we just email the cosigner a link to their DocuSign envelope to facilitate the eSign process.
We also chose DocuSign as a partner because of their ongoing commitment to technological development. We pride ourselves on being at the forefront of loan origination technology and we want a partner whose commitment to new technology is aligned with ours. Because we offer our clients’ customers a fully branded and integrated solution, it is extremely important that our electronic signature provider offers technology that is as evolved as our own. This creates for a seamless process for our borrowers and cosigners and an extremely high level of throughput and customer satisfaction.
And last but not least, although we rarely need technical support, DocuSign is always extremely responsive when we do. I have had senior-level managers call me from Europe during key new initiatives and that level of customer service is nearly impossible to find these days. This is just one example of why we refer to DocuSign as a partner and never as a vendor or service provider.
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