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“Preconfigured” Technology Delivers

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In today’s highly competitive and rapidly changing mortgage market, lenders are forced to deal with ever-increasing costs to originate loans and constantly changing regulations, which add to the mountains of paper that need to be processed. To stay competitive in this market, lenders must find ways to maximize operational efficiencies.

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One way for lenders to maximize operational efficiencies is to automate their document-driven business processes. But the challenge is that, historically, the process of implementing document management technology has been labor intensive, costly and time consuming. Lenders of all sizes can now deploy document management solutions within weeks by harnessing best practices from lender deployments across the country and eliminate duplicate and labor-intensive activities.

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Traditional document management technology implementations are often costly and time consuming, because the technology requires configuration and customization by each lender. However, by selecting an experienced document management technology provider, lenders can overcome these challenges by utilizing a preconfigured methodology that focuses on rapid deployment with immediate operational efficiency gains and ROI throughout the loan lifecycle.

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This preconfigured methodology ensures that each lender’s deployment is swifter and more streamlined, unlike traditional roll outs.  By leveraging preconfigured document management software, lenders can quickly automate business processes throughout every step of the mortgage lending process while supporting retail, wholesale and correspondent lending operations.

The combination of a preconfigured methodology with advanced technology significantly reduces the cycle time from origination to closing. As a result, lenders will gain increases in production and operational efficiencies resulting in better service levels. These better service levels improve customer satisfaction, attract and retain talented operations teams and grow realtor and builder relationships.

Deployment of the preconfigured document management solution simplifies document review, collaboration and condition management throughout the loan lifecycle. Because lenders are not starting with a blank canvas, they can quickly focus their attention on configuring the presentation of documents to different groups of users within their operations to optimize document retrieval, viewing and approval.

With traditional document management implementations, the burden of creating and managing electronic loan delivery profiles has been placed squarely on the lender. By utilizing the preconfigured implementation methodology, this major pain point is eliminated. Lenders can immediately deploy one-click electronic loan delivery that improves secondary market execution and significantly minimizes suspense issues and lock expiration penalties.

Lenders that implement preconfigured document management methodologies can readily turn their focus to leveraging additional capabilities that further optimize their operations including: automated document recognition and indexing using optical character recognition (OCR), rule-based workflow and tasking, customizable web portals for third party originators and borrowers and deeper integrations with other technology partners.

When done right, preconfigured document management technology is designed to reduce lenders’ dependency on paper, generate greater operational efficiency, increase productivity, facilitate collaboration and improve customer and staff satisfaction.

“Our previous document management provider notified us that they were sunsetting their product. Due to our growth and other high priority projects, our staff had limited time and/or resources to implement a new document management solution in time for our busy spring home buying season,” said Jill Quinn, executive vice president of operations at Philadelphia Mortgage Advisors. “We selected VirPack for their experience, advanced technology and preconfigured methodologies based on best practices that enabled us to gain immediate ROI and provided operational efficiency with the goal of closing more loans with existing staff.”

About The Author

Kelli Himebaugh
Kelli Himebaugh is a member of the Executive Team at PROGRESS in Lending and is National Account Executive at VirPack, a leading provider of document management and delivery technology to the mortgage banking and financial services industries. She is also a member of the Executive Team at PROGRESS in Lending Association. Kelli is a proven sales leader with more than 20 years of housing finance experience and 10 years of mortgage technology experience. Kelli can be reached at kelli.himebaugh@virpack.com.

“Preconfigured” Technology Delivers Immediate ROI

In today’s highly competitive and rapidly changing mortgage market, lenders are forced to deal with ever-increasing costs to originate loans and constantly changing regulations, which add to the mountains of paper that need to be processed. To stay competitive in this market, lenders must find ways to maximize operational efficiencies.

Featured Sponsors:

 

 
One way for lenders to maximize operational efficiencies is to automate their document-driven business processes. But the challenge is that, historically, the process of implementing document management technology has been labor intensive, costly and time consuming. Lenders of all sizes can now deploy document management solutions within weeks by harnessing best practices from lender deployments across the country and eliminate duplicate and labor-intensive activities.

Featured Sponsors:

 
Traditional document management technology implementations are often costly and time consuming, because the technology requires configuration and customization by each lender. However, by selecting an experienced document management technology provider, lenders can overcome these challenges by utilizing a preconfigured methodology that focuses on rapid deployment with immediate operational efficiency gains and ROI throughout the loan lifecycle.

Featured Sponsors:

 
This preconfigured methodology ensures that each lender’s deployment is swifter and more streamlined, unlike traditional roll outs.  By leveraging preconfigured document management software, lenders can quickly automate business processes throughout every step of the mortgage lending process while supporting retail, wholesale and correspondent lending operations.

The combination of a preconfigured methodology with advanced technology significantly reduces the cycle time from origination to closing. As a result, lenders will gain increases in production and operational efficiencies resulting in better service levels. These better service levels improve customer satisfaction, attract and retain talented operations teams and grow realtor and builder relationships.

Deployment of the preconfigured document management solution simplifies document review, collaboration and condition management throughout the loan lifecycle. Because lenders are not starting with a blank canvas, they can quickly focus their attention on configuring the presentation of documents to different groups of users within their operations to optimize document retrieval, viewing and approval.

With traditional document management implementations, the burden of creating and managing electronic loan delivery profiles has been placed squarely on the lender. By utilizing the preconfigured implementation methodology, this major pain point is eliminated. Lenders can immediately deploy one-click electronic loan delivery that improves secondary market execution and significantly minimizes suspense issues and lock expiration penalties.

Lenders that implement preconfigured document management methodologies can readily turn their focus to leveraging additional capabilities that further optimize their operations including: automated document recognition and indexing using optical character recognition (OCR), rule-based workflow and tasking, customizable web portals for third party originators and borrowers and deeper integrations with other technology partners.

When done right, preconfigured document management technology is designed to reduce lenders’ dependency on paper, generate greater operational efficiency, increase productivity, facilitate collaboration and improve customer and staff satisfaction.

“Our previous document management provider notified us that they were sunsetting their product. Due to our growth and other high priority projects, our staff had limited time and/or resources to implement a new document management solution in time for our busy spring home buying season,” said Jill Quinn, executive vice president of operations at Philadelphia Mortgage Advisors. “We selected VirPack for their experience, advanced technology and preconfigured methodologies based on best practices that enabled us to gain immediate ROI and provided operational efficiency with the goal of closing more loans with existing staff.”

About The Author

Kelli Himebaugh
Kelli Himebaugh is a member of the Executive Team at PROGRESS in Lending and is National Account Executive at VirPack, a leading provider of document management and delivery technology to the mortgage banking and financial services industries. She is also a member of the Executive Team at PROGRESS in Lending Association. Kelli is a proven sales leader with more than 20 years of housing finance experience and 10 years of mortgage technology experience. Kelli can be reached at kelli.himebaugh@virpack.com.

Not Everyone Had Trouble With TRID

Fidelity Bank is a lender on the move. Started in 1905 as a small mortgage company in Wichita, Kansas, it is now a full service bank with branches throughout Kansas and Oklahoma, and which processes loans in all 50 states. A company with this much going on might be thrown off track by a regulatory change as large as TRID, but not Fidelity Bank – they were ready.

They learned about TRID developments early and often. As a result of their collaboration with the Compliance Department at Mortgage Builder, Fidelity Bank received frequent updates along with instructions on what to do about this complex regulatory change. “Mortgage Builder is on top of compliance,” said Barry Park, VP at Fidelity Bank. “They worried about TRID so we did not have to.” With timely and insightful updates they were able to fully prepare and begin testing well in advance of the go-live date.

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In the two years leading up to the TRID deadline, much activity was happening at Mortgage Builder and at Fidelity Bank. Mortgage Builder made significant modifications to its LOS platform to fully support TRID by the original August 1, 2015 deadline, but that was only half the task. Mortgage Builder spent a comparable amount of time with their customers helping them to prepare with training, workshops, conferences, and extensive online resources. “We used them all,” added Barry.

By October, the extended deadline, Fidelity Bank was more than ready and the roll-out went smoothly. The loan officers didn’t see any changes to their day-to-day routines and the back-office employees were well trained. Despite initial predictions, Fidelity team members found that they were closing loans in the same amount of time as before. In the event that they had any questions, Mortgage Builder was always on hand to provide answers and help with audits.

Barry, who has been in the industry for 18 years, knows he made the right choice in LOS vendors seven years ago. “With Mortgage Builder I feel ahead of the game. Regulatory changes are a fact of life and I know this bank will be as prepared for HMDA as we were with TRID.” He also looks to Mortgage Builder as a source for advanced mortgage technology, which is continuously helping him close more loans with less work by automating tasks that he and his team were used to doing by hand. His only comment: “We are spoiled.”

Moving forward, Fidelity Bank will continue to rapidly grow, and will be focusing on attracting more borrowers and establishing themselves in more cities. With compliance a non-issue and constant advances in loan automation, they will have no trouble succeeding.

About The Author

Kelli Himebaugh
Kelli Himebaugh is a member of the Executive Team at PROGRESS in Lending and is National Account Executive at VirPack, a leading provider of document management and delivery technology to the mortgage banking and financial services industries. She is also a member of the Executive Team at PROGRESS in Lending Association. Kelli is a proven sales leader with more than 20 years of housing finance experience and 10 years of mortgage technology experience. Kelli can be reached at kelli.himebaugh@virpack.com.