Market Analysis: Taking Auto Indexing Further

*Taking Auto Indexing Further*
**By Tony Garritano**

***There’s a lot of talk about going paperless, especially with new regulation asking lenders to be more transparent. How do you do that? You move to a more paperless process where more parties are invited to electronically collaborate. You also have an electronic audit trail that is not possible in a paper world to not only ensure, but to prove compliance. Further, vendors are stepping up to provide this type of service. For example, PROGRESS in Lending has learned that VirPack, a provider of document management and e-delivery solutions for the mortgage industry, launched the next generation of its end-to-end paperless platform, Enterprise Center (EC), highlighted by Automated Document Indexing (ADI) which significantly reduces the manual indexing process and eliminates a dependency on barcode separator sheets. Here’s all the details:

****VirPack’s ADI is completely integrated into EC, and is offered as an automated step in EC’s existing workflow capabilities. VirPack’s ADI leverages full text recognition followed by an analysis of the text to classify documents, and its document library is dynamically updated regularly to include new or non-standard document types.

****“VirPack’s ADI is a game-changer for lenders,” said Wayland Pond, vice president of sales and marketing. “In looking for ways to create better efficiencies, lenders have asked us to automate the indexing process, and we have done that. Via our Automated Document Indexing feature, we’ve taken manual steps out of the process so lenders no longer have to worry about who will index documents and when they will be indexed.”

****Additional time and cost saving features in the latest version of EC are on-image annotations, including the ability to add a signature and date to an imaged document, thus eliminating the need to print, sign and rescan applicable documents.

****Enterprise Center was designed to provide lenders a single platform for paperless operation from origination through post-closing, including fully indexed e-delivery to investors, the Department of Housing and Urban Development (HUD), QC/due diligence companies and other business partners.

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.