Navy Federal Credit Union plans to enable electronic signatures on its mobile app by September, Joseph Pendergast, vice president of consumer lending, told Auto Finance News.
“Right now we have [electronic signatures] just for personal loans, and we’re planning on rolling that out for auto loans,” he said. “We need to make sure all the i’s are dotted and t’s are crossed. There’s a lot of testing we need to do, because you don’t want to roll out something that doesn’t work quite right and have something that’s half-baked.”
The credit union launched its mobile app in October 2016, and since then has added the ability for consumers to refinance loans that were originated by other lenders. The company also expanded membership to veterans — not just active-duty servicemembers and their families.
“Our members with their military backgrounds are mobile, they are transient,” Pendergast said. “A lot of them want something that’s convenient, so the mobile app is perfect for those sorts of members.”
Already, about 30% of the credit union’s applications come through the mobile app.
Navy Federal, which has the largest auto portfolio of any credit union, according to Big Wheels Auto Finance 2017, is seeing originations come in above expectations so far this year, Pendergast added. The credit union originated $6.4 billion in retail contracts last year, down from $6.6 billion the year prior.
