Lenders Have A New Attitude Toward Paperless

It used to be that you had to convince lenders about the benefits of going paperless. Boy has that changed. I’m seeing more and more lenders realize the benefits of at least doing more things paperless. For example, BofI Federal Bank recently selected VirPack’s Document Management and Delivery System as its enterprise document management and delivery solution. Here’s why:

BofI Federal Bank, headquartered in San Diego, CA, is a nationwide branchless bank that provides financing for single and multifamily residential properties. With more than $4.8 billion in assets, BofI Federal Bank distributes its loan products through retail, correspondent and wholesale channels.

“BofI Federal Bank wanted to enhance and streamline its end-to-end paperless loan process in the residential, commercial and multifamily lending operations,” said Brian Swanson, executive vice president and chief lending officer at BofI Federal Bank. “We selected VirPack’s Document Management and Delivery System for its robust functionality, intuitive interface and ability to integrate with our residential and commercial/multifamily loan origination systems.”

VirPack’s Document Management and Delivery System will increase efficiency in BofI Federal Banks’s retail, wholesale and correspondent lending channels to streamline document intake, automate document recognition and indexing and avoid delays that have afflicted many lenders because of new regulations, swollen loan files and reduced staff levels.

BofI Federal Bank also cited VirPack’s Borrower and Originator Web Portals, which enable BofI Federal Bank’s consumer and business customers to securely upload documents, track loan status and securely communicate with the bank’s staff, in selecting VirPack.

“There is no question that VirPack has developed a sophisticated platform that delivers on our promise to customers of providing a very effective document management and delivery technology that improves throughput, while shortening turn-times and cutting costs,” said Cy Brinn, VirPack’s COO. “In an environment in which lenders are forced to deal with greater regulatory scrutiny and economic pressure than ever before, lenders rely on VirPack’s solutions to ensure compliance, increase capacity, and deliver high levels of service without having to hire additional staff.”

About The Author

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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.