Paperless Loans

[Guest Doug Lawrence]

Is anyone using the web based paperless loan feature?

I am interested in finding out how the promissory note is handled. Is it a part of the check? Is this really paperless or simply less paper?

[Archimage]

I have tried using it but Relius doesn't currently put together a promissory note of any kind based on the loan requested. It will do the Fed Z disclosure but that is about it. Until they can come up with a way to do the promissory note, I don't use it.

[Guest wcoleman]

I use the feature - but in a very unconventional manner. I have this feature enabled for plan sponsor use only. The sponsor (also the Trustee) has the participant complete the loan application, then the Sponsor inputs the loan request via the web. The system e-mails the Reg Z and Amortization schedule back to the sponsor, who then provides them to the participant. I am saved the time of inputting the loan, but the participant is not getting a paperless loan.