As the cost to originate increases, lenders need to be more efficient. One way to do that is to automate more within your LOS. For example, Visionet Systems Inc., a leading automated document classification, indexing and data extraction provider for the mortgage industry, has completed an integration with LOS provider LendingQB. The integration enhances operational efficiency by seamlessly automating document management within the mortgage lending workflow.
Visionet Systems has over 20 years of experience in providing businesses with innovative solutions for electronic document processing and Business Process Outsourcing services. Visionet’s VisiLoanReview (VLR) Platform is a solution for mortgage lenders that eliminates the manual splitting and indexing of documents that impedes the loan process. “Lenders spend between 30 and 120 minutes combing through document packages on every loan file,” said Arshad Masood, CEO of Visionet. “Our technology and services allow lenders to offload a cumbersome and tedious process and improve the efficiency and scalability of their organization.”
The integration allows users of the LendingQB system to automatically push electronic documents to VLR for document processing, which splits document packages, indexes individual documents and extracts data elements according to the needs of the LendingQB client. Visionet provides a white glove service which handles all exception processing, including those involving handwritten documents and borrower supplied correspondence. Each document is then mapped to lender-specific naming conventions and automatically inserts the documents back into the LendingQB loan file. Visionet’s clients have reported efficiency gains of 30 percent or more using the VLR platform and services.
“We are very pleased to add Visionet’s capabilities to our platform,” said Binh Dang, President of LendingQB. “Our two companies have a shared goal of helping mortgage lenders become leaner and more effective organizations. The integration of VLR is truly synergistic because it merges our core capabilities and transforms the way that lenders work.”
Visionet’s Masood agreed. “Visionet is continually enhancing our capabilities for mortgage lenders, and we welcome opportunities to partner with leading LOS providers like LendingQB. We look forward to providing LendingQB’s clients with the proven process efficiencies provided by our unmatched technology and people.”
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.