After experiencing speed and performance issues and other challenges with its previous document management solution, Equity Resources began evaluating third-party document management solutions. Equity selected VirPack’s Document Management and Delivery System (DMDS) because it met the criteria set forth by their management team, including the ability to interface with its LOS, and it was overwhelmingly supported by its employee evaluation group who found it intuitive and easy to use.
Equity Resources, Inc., based in Newark, Ohio, is an independent mortgage banker licensed in 14 states and Washington, DC with 22 branch offices that specialize in retail consumer lending with a proven commitment to improving the lives of families through raving fan customer service.
“Equity Resources required a solution that could interface with our loan origination system, automate the splitting and indexing of documents using OCR and expedite loan delivery to our investors and business partners,” said Kelly Welch, executive vice president of Equity Resources, Inc. “As a result of implementing VirPack’s DMDS, we have gained additional processing efficiencies and competitive advantages, all of which have helped us accelerate the growth of our mortgage business.”
Prior to implementing VirPack’s DMDS, Equity Resources relied on the document management functionality provided by its loan origination system provider but found it lacked the features and functionality required to maximize efficiencies in its loan process. It also presented other challenges including the creation and conversion of document images that were fuzzy and difficult to read, resulting in its investors periodically suspending loans and requiring new document images, which delayed purchase times.
“Our LOS does a lot of things well, but it could not keep up with our document management needs or provide the efficiencies required for us to grow our business,” Welch said. “Document management and delivery solutions are VirPack’s core competency, and the benefits of partnering with a best of breed provider were obvious from day one.”
Equity Resources also cited VirPack’s ease of use, implementation expertise and the depth and quality of training, which ensured that their employees would quickly be able to get the most out of the system, in selecting VirPack.
“Even though we were as busy as we’ve ever been, the transition to VirPack’s DMDS was smooth and painless. Because of the additional capabilities provided by VirPack’s solution, our employees were excited to use it, and with the intuitive design, our staff got up to speed on the software very quickly,” Welch said. “From the time we deployed VirPack, our staff have been nothing short of delighted about the functionality and efficiency it provides them.”
“It’s unfortunate that many lenders feel handcuffed to their current document management solutions, whether provided by their LOS or another third-party vendor,” said Cy Brinn, chief operating officer of VirPack. “VirPack has worked diligently to expand the capabilities of our document management system to meet the needs of technology focused mortgage lenders like Equity Resources. The benefits and success that Equity Resources has enjoyed in such a short time is just the beginning and makes them a bellwether for their peers.”
About The Author
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 firstname.lastname@example.org.