Posts

Integration Brings Automated File Imaging To Point And PointCentral

VirPack, a provider of document management, virtual workflow and eDelivery solutions for the mortgage lending industry, has a new integration with Calyx Software, a provider of innovative solutions to help streamline and simplify all phases of the loan process.

Featured Sponsors:

 

VirPack’s Point Integration Modules enable Calyx’s customers to utilize VirPack’s virtual file automation capabilities including: multiple methods of document capture, automated document recognition and indexing (OCR), and rule-based workflow capabilities. With VirPack’s one-click electronic loan delivery, Calyx customers also gain the ability to quickly and precisely deliver loan files and data electronically to investors, HUD for FHA insuring, servicers, subservicers, QC firms and MI companies.

Featured Sponsors:

McKinney, TX-based Independent Bank was one of the first Calyx customers to take advantage of the new integration module and saw immediate results. “Integrating VirPack with Calyx Point provides added efficiencies without altering processes or workflow – all within a truly paperless environment,” said Kristy Robison, Senior Vice President Mortgage Operations at Independent Bank.

Featured Sponsors:

Point and PointCentral customers may also leverage VirPack’s preconfigured technology which enables rapid deployment and delivers immediate operational efficiency to the loan lifecycle.

“With mortgage origination costs continuing to rise, lenders need to leverage integrations between their technology providers to eliminate costly and time-consuming manual processes,” said Bob Dougherty, Executive Vice President of Calyx Software. “Calyx is proud to partner with VirPack to provide our customers seamless access to a solution that improves productivity and efficiency.”

“The positive reaction we have received from Point and PointCentral customers validates that our integration delivers increased productivity and efficiency without major IT and operational disruption,” said Wayland Pond, Chief Business Development Officer of VirPack. “Using best-in-class virtual document management and workflow technology will enable Calyx customers to fund more loans with the same staff and meet the competitive challenges of driving down per loan costs.”

Mission Mortgage of Texas Embraces Technology To Optimize Mortgage Operations

VirPack, a provider of document management, virtual workflow and eDelivery solutions for the mortgage lending industry, announced that Mission Mortgage of Texas has optimized its mortgage operations with VirPack.

Featured Sponsors:

 

 
Headquartered in Austin, TX, Mission Mortgage has been providing residential lending solutions throughout Texas for over 31 years and has built a culture of service built on the importance of trust and the value of fostering long-term relationships. After facing multiple challenges with its LOS-provided document management solution, Mission Mortgage began the search for a new technology partner that could provide an interface with both its proprietary underwriting system and LOS to help deliver on its culture of service.

Featured Sponsors:

 
“Because of the quality service culture we embrace, we knew it was imperative for us to adopt a virtual document management and workflow platform and we are so happy to have partnered with VirPack. Our team members can communicate with all the loan stakeholders on the spot, in real time and with instant results,” said Leigh Ann McCoy, president of Mission Mortgage of Texas. “As an added benefit, we discovered that VirPack is a great recruiting tool. The ability to utilize the platform remotely helps us to attract, hire and retain high quality talent,” continued McCoy.

Featured Sponsors:

 
VirPack’s document management capabilities and virtual workflow generated significant operational efficiencies and productivity companywide.

“With VirPack, our ability to capture and process documents instantly from our branches and between departments streamlined our workflow, saving us a significant amount of time, money and resources. As a result, we have generated greater customer satisfaction and a happier and more productive staff,” added Veronica Young, underwriting manager for Mission Mortgage. “Additionally, the post-closing e-delivery of loan files to our investors are sent with one click of the mouse, saving us an incredible amount of time.” continued Young.

“It’s gratifying to see a relationship-driven independent mortgage banker like Mission Mortgage embrace VirPack to optimize its operations and improve productivity, said Wayland Pond, chief business development officer at VirPack. “In addition to those benefits, Mission Mortgage was also able to reduce its paper usage by two-thirds in just a few months, resulting in significant additional cost savings.” Pond continued.

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.

Tried And True Solutions

According to the MBA lenders saw a net gain of $224 on each loan they originated in the first quarter of this year – down from $575 in the fourth quarter of last year. The drop was due mainly to higher per-loan production expenses. These expenses – which include commissions, compensation, occupancy, equipment, and other production expenses and corporate allocations – increased to a study high of $8,887 per loan in the first quarter, which is up from $7,562 in the fourth quarter. So, how do lenders streamline their origination process so it’s faster and less costly without giving up quality? Wayland Pond and Kelli Himebaugh of VirPack have some ideas. Here’s how they see the current mortgage market:

Q: Describe how you first got involved in the mortgage industry.

WAYLAND POND: My best friend from high school recruited me to VirPack when it was a startup. I remember interviewing with Michael Coar, VirPack’s founder and CEO, and I was struck by his passion for mortgage technology and his mission for VirPack to provide the mortgage industry with a platform for the paperless management of loan documents from origination through post closing, including fully indexed electronic loan delivery to investors and business partners. 17 years later, and I’m proud to say we have achieved that mission and our passion is stronger than ever.

KELLI HIMEBAUGH: Similar to Wayland, in 2003 I was recruited to a sales role in the mortgage industry by a personal friend that worked for a midwestern bank with a national home equity lending program. In 2007 when the market and economy started to collapse, I was fortunate to meet the owner of a small LOS technology company that was hiring for their first sales role. In 2008, I transitioned to a different LOS company that I represented in different roles until 2016 when I joined VirPack. I met Wayland and the VirPack management team in 2010 while exploring a vendor partnership, and I was extremely impressed with VirPack’s technology and the positive impact that electronic document management would make in our industry. When the offer came last year, I didn’t hesitate to accept the opportunity to join the VirPack team.

Featured Sponsors:

 

 
Q: How has the industry changed since you first entered the space?

WAYLAND POND: There have been numerous changes over the last 17 years, but technology innovation and adoption are at the top of the list. When VirPack was founded, the Internet was a shadow of what it is today. VirPack’s first product was a desktop application that scanned loan documents, automatically indexed the documents (via barcode recognition) and stored the indexed loan files in our imaging system. A short time later, we pioneered electronic loan delivery with the release of the first version of our delivery application that provided lenders with the means to exchange data, documents and images with their investors and business partners. Fast forward to today, and the industry thrives on web-based, software-as-a-service (SaaS) applications such as VirPack’s Document Management and Delivery System (DMDS).

KELLI HIMEBAUGH: In the last 3-5 years the bar has been raised for technology automation expectations, a primary example is integrations. Today, lenders have higher expectations for integrations that both reduce human interaction and are triggered by a status or milestone change in the loan process. VirPack has responded to these higher expectations with integrations like our partnership with DocuSign. VirPack’s Document Management and Delivery System (DMDS) automatically imports and indexes eSigned documents into the borrower’s loan file as soon as the eSignature experience is completed, eliminating the process of manually importing these signed digital documents and filing them.

Q: What can you say hasn’t changed during the years that VirPack has been in the space?

WAYLAND POND: Despite technology innovation, the industry continues to struggle with reducing the cost to originate and service loans, and eliminating the manual processes associated with collecting, indexing and managing loan documents. The number of pages in the average loan file has soared in recent years. According to VirPack’s Mortgage Origination Loan File Statistics Report, more than half of all residential loan files now exceed 500 pages and 43% of all conventional loan files contain between 600 and 900 pages. Lenders need to deploy technology that will reduce costs and improve operational efficiency.

KELLI HIMEBAUGH: To provide an example regarding the struggle to contain and reduce origination costs, VirPack recently partnered with an independent mortgage banker that had been utilizing a different imaging solution for more than 9 years. The owner of the company shared in the very first sales call that the next stages in the successful growth of their business were dependent on a new solution to gain efficiency to deal with increasing loan file sizes, along with the need to automate the document workflow and improve the borrower experience. This requirement was key in their strategy to grow volume and profitability by mitigating costs, primarily the need to not hire more operational staff. VirPack’s DMDS definitely checked all of the boxes for their paperless needs, and our workflow and tasking functionality provided the answer for their cost containment requirements. Our rule-based workflow features provided the automation requirements they had been looking for.

Featured Sponsors:

 
Q: What has VirPack learned from talking to lenders in the last year?

WAYLAND POND: Two things are consistent with our lender conversations over the last year. First, production costs continue to rise and lenders are not achieving the operational efficiency gains and ROI expected from the document management tool provided by their LOS. More often than not, it is private-labeled or bolted-on and the lender’s requirements and expectations are not being met. Second, many lenders prefer to leverage software solutions from vendor partners that are subject-matter experts and have a mission and culture that aligns with theirs. They recognize that through these partnerships they can close the gaps in their mortgage operations and workflow and avoid the disruption that comes with converting to a new costly, enterprise LOS.

KELLI HIMEBAUGH: Also, there’s no denying the digital mortgage race and its appeal to the millennial generation and tech-savvy consumers, but we’ve learned it’s not an all-or-nothing/one size fits all approach. Not all lenders are ready to fully embrace the digital mortgage and sacrifice the relationship-driven mortgage origination experience that is tried and true. Lenders are confident they can find a balance between the traditional approach and utilizing technology that will provide innovative communications in real time, workflow automation and improve collaboration between borrowers, production, and operations teams.

WAYLAND POND: VirPack’s journey with mortgage lenders over the last two decades supports this balance with the latest features in document management and workflow solutions, along with our portals designed for borrowers and third party originators that provide the real time data and document updates to improve the borrower/lender experience.

Q: Can you tell us more about the Rapid Deployment program that VirPack launched in 2017?

WAYLAND POND: Traditional document management technology implementations are often costly and time consuming, and I’m pleased to share that our rapid deployment program has streamlined DMDS implementations and our customers are up and running within weeks. We’ve accomplished this by harnessing best practices from lender deployments across the country and eliminating duplicate and labor intensive activities. 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.

KELLI HIMEBAUGH: And, because lenders are not starting with a blank canvas, they can readily turn their focus to leveraging additional capabilities and advanced functionality 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.

Featured Sponsors:

 
Q: What are the required capabilities that a lender should put on its document management technology evaluation?

WAYLAND POND: Lenders should pass on a technology provider that does not have a) document management capabilities that include OCR to automate the identification and indexing of documents, and b) integrated one-click delivery of loan files and data electronically to investors, HUD for FHA insuring, servicers, subservicers, QC firms and MI companies. For maximum functionality and efficiency, a vendor’s document management offering needs to have strong integration features, such as gateways to external data sources and web service APIs to exchange documents and data. These capabilities are essential to enable document management to be an integral part of a broader, cohesive loan processing and management solution.

KELLI HIMEBAUGH: Enterprise solutions like the LOS provide high value if their ancillary solution components are enterprise compatible and tightly integrated. LOS providers today are not focused on document management enhancements, but instead are focused to develop and implement all the regulatory changes required in their technology to mitigate risk for lenders, and rightfully so.  And, if their offering is a series of bolt-on technologies that are subject to secondary, delayed support services and are not designed to adapt to atypical scenarios, then lenders can lose thousands of dollars each year in what is perceived to be an included or “free” feature of their enterprise platform. Lenders have to consider technology like VirPack that solely focuses on its core competency and what it does best — developing and delivering innovative, feature-rich document management and delivery solutions that incorporate best practices and years of experience.

Insider Profile

Wayland Pond is senior vice president of sales and marketing at VirPack, where he has spent his entire 17 year mortgage technology career promoting the benefits of document management and delivery technology and collaborating with lenders, investors and technology providers to improve operational efficiency. Wayland was instrumental in pioneering the mortgage industry’s first electronic delivery of a loan package that included data, documents and images. In his role at VirPack, a leading provider of document management, imaging and delivery technology to the mortgage banking and financial services industry, he oversees the sales and marketing team and partners closely with the product management team to ensure customer and lender feedback is incorporated into the company’s technology solutions. Wayland also serves on the Board of Directors at VirPack.

Industry Predictions

Wayland Pond thinks:

1.) Lenders will continue to be cautious about compliance therefore page counts in files will continue to increase.

2.) More LOS and other industry technology providers will offer APIs to support their clients’ desire to integrate with best-of-breed technology providers.

3.) More investors are going to require electronic loan delivery and will not provide best pricing if delivered another way.

Insider Profile

Kelli Himebaugh is the National Account Executive with VirPack, a leading provider of document management and delivery technology to the mortgage banking and financial services industries based in McLean, VA.  Kelli is a proven sales leader who brings more than 20 years of housing finance experience and 10 years of experience in mortgage technology to VirPack. Prior to joining VirPack in 2016, she served as vice president of customer experience with Altisource Origination Solutions. In this role, she was responsible for managing client relations and operations support across four business units. Prior to her work at Altisource, Ms. Himebaugh spent 8 years with Mortgage Builder, a loan origination solutions provider, where she served as corporate vice president overseeing business operations, client services and sales.  She is also a member of the Executive Team at PROGRESS in Lending Association and was named in “the 50 Elite Women in Mortgage” by Mortgage Professional America magazine.

Industry Predictions

Kelli Himebaugh thinks:

1.) Home affordability and mortgage qualification will worsen due to rate increases and slow income growth.

2.) More non-bank owned investors will enter the secondary mortgage lending market.

3.) Rental home rates will continue to rise faster than incomes due to lack of inventory.

Explaining The Mortgage Process Of The Future

As executives discussed the state of mortgage lending at the Seventh Annual ENGAGE Event in Denver, Colo., a lot of hot-button topics came up. For example, the discussion around what the future lending process will look like was very insightful. Here’s what was said:

Featured Sponsors:

 

 
“Looking back at my immediate family, my grandparents couldn’t afford to own a home. My parents were the first to buy a home and they worried about how they were going to pay their mortgage, but owning a house meant that they had arrived and could secure a future for their family,” shared Molly Dowdy, Co-Founder of NEXT, the mortgage technology conference for women. Molly has nearly 20 years experience marketing in the mortgage technology space. She is also a member of the PROGRESS in Lending Executive Team.

“My parents still live in that home today. My point in sharing this story is to say that we have the power to create a more inclusive and transparent mortgage process.”

Featured Sponsors:

 
And most believe that begins at the point-of-sale. “We have to elevate the customer’s experience,” said Pamela Stahl, the Product Manager for VirPack, a leading provider of document management and delivery technology for the mortgage banking and financial services industries. Leveraging 6 years of mortgage lending secondary market management experience, she joined the mortgage technology industry in 2011 as a product manager for a leading Loan Operation System before joining VirPack in late 2016. With almost 12 years combined mortgage and mortgage technology experience, she has a proven history of producing and delivering innovative mortgage lending SaaS technologies.

“We as an industry have done a lot in recent years to embrace mobile technology. We’ve launched mobile apps and we send the consumer mobile alerts, but we don’t use this technology to really explain the process,” Stahl continued. “Improving the customer experience is not just about pushing out automated messages in real time, it’s about helping the consumer truly understand what’s going on at all times.”

Featured Sponsors:

 
Everyone agrees that the borrower has to be more informed at the frontend, but what happens after that? “We’ve focused a lot on the beginning of the process and how we can make that better for the borrower, but we have forgotten about the backend of the process,” explained Matt Hydrew, SVP, Enterprise Solutions at Mortgage Cadence, an Accenture Company. Matt specializes in the execution of enterprise software solutions with Mortgage Cadence, which focuses on end-to-end, SaaS based residential lending technology in the United States market. Mortgage Cadence solutions manage the workflow process, imaging, document prep, secondary marketing and other important components to a true end to end digital mortgage platform.

“If lenders are not efficient and communicative of everything that goes on in the backend of the process, all that communication and explanation on the frontend amounts to just window dressing,” Hydrew notes. “We have to use technology to genuinely improve the whole mortgage process an fully communicate that to the borrow up to and including the closing of the loan.”

Why is this important? Data shows that 34% of the buying power rests with millennials and they want a better mortgage proces. “We have a lot of very slick applications in this industry, but without borrowers to feed into them we have no business,” explained Brandon Perry, President at TTP Enterprises. Brandon oversees all operational and administrative activities of TTP. Brandon brings over 16 years of experience in various financial services industries to TTP, which enhances the company’s ability to maintain it’s position as industry leader in providing customers with an advanced marketing solution.

“The mortgage process of the future has to reach people of all ages and backgrounds in a more meaningful way so buying a home doesn’t remain just a very long, complicated and stressful thing to go through,” concluded Perry.

About The Author

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.

“Preconfigured” Technology Delivers

website-pdf-download

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 The ROI You Expected?

website-pdf-download

Are you achieving the operational efficiency gains and ROI expected from the document management tool included with your loan origination system (LOS)?

In today’s highly competitive mortgage market, lenders are forced to deal with rising costs to originate loans, the need to minimize risk, and are compelled to respond to constantly changing regulations. This puts intense pressure on lenders to seek out ways to gain efficiency while reducing costs and minimizing risk.

Featured Sponsors:

 

 
The right document management and delivery solution automates business processes throughout every step of the mortgage lending process, resulting in increased operational efficiency and enterprise-wide cost savings.

To respond to this need in the marketplace, many LOS providers have private labeled or bolted on document management tools to their LOS, but expectations don’t always match reality. While this was often done to “check a box” on a RFP and appease lenders, many lenders quickly realized that what they were getting from their LOS-provided document management tool did not provide the efficiency and competitive capabilities they had hoped for.

150-quote

 

_______________________________________________________________________________________

 

Many LOS providers have private labeled or bolted on document management tools to their LOS, but expectations don’t always match reality.

Not all document management and delivery solutions are created equal, nor do they provide the same level of ROI.

____________________________________________________________________________________________________
 
LOS providers have a hard enough time maintaining their core technology and meeting constantly changing regulations and delivering advancements to the LOS. As a result, most LOS providers fall short in delivering document management capabilities that yield high levels of efficiency.

On the other hand, an independent document management company solely focuses on what it does best, which is to develop and provide innovative, feature-rich enterprise document management and delivery solutions that incorporate best practices and years of experience. As a result, operational efficiency gains and ROI are delivered throughout the entire mortgage operation and beyond.

Featured Sponsors:

 

 
Not all document management and delivery solutions are created equal, nor do they provide the same level of ROI. When comparing document management solutions, let’s look at a number of key features that will impact your ability to maximize cost savings, minimize risk across the organization and produce the greatest efficiency gains.

Let’s start with the ability to quickly and precisely deliver loan files and data electronically to investors, HUD for FHA insuring, servicers, subservicers, QC firms and MI companies.

LOS-provided systems require lenders to create and manage their delivery “bundles” which takes time to set up, adding manual work to the back office staff.  In addition, many LOS-provided systems do not include one-click delivery; instead lenders have to create a PDF “bundle” for each loan and then upload the PDF. This creates multiple unneeded steps, is more error prone and creates inefficiencies in the process.

150-quote

 

_______________________________________________________________________________________

 

Lenders that take the time to explore the benefits of independent document management and delivery solutions realize significant efficiency gains.

The right independent document management and delivery solution includes an integrated electronic loan delivery application.

____________________________________________________________________________________________________
 
The right independent document management and delivery solution includes an integrated electronic loan delivery application with the following capabilities:

>> Preconfigured delivery profiles that meet each recipient’s specific requirements and desired stacking order.

>> Secure, one-click delivery to each recipient’s server.

>> Notifications and alerts when required documents are missing.

>> Ability to preview loans in the recipient’s stacking order prior to delivery.

>> Real-time delivery status monitoring and audit reporting.

>> Single loan or bulk loan delivery.

These must-have capabilities maximize lenders’ secondary market execution and significantly minimize suspense issues and lock expiration penalties.

Another area that is typically lacking in the LOS-provided system is the use of optical character recognition (OCR) to automate document identification and indexing. The right independent document management solution leverages integrated, full text OCR of structured, semi-structured and unstructured documents.

Featured Sponsors:

 

 
In addition, lenders can request an independent document management provider to “train” their unique, custom documents and program-specific documents so the OCR technology can correctly identify and file the documents. This eliminates time spent by lenders’ staff repeatedly naming and indexing their unique documents.

Another point of differentiation is LOS-provided systems typically have limited methods for document upload and capture. The right independent document management and delivery solution provides multiple methods for document upload and capture, including drag and drop, virtual printing, email tools, web portals and automated batch import of documents (e.g. appraisals) to all participants in the loan lifecycle, saving lenders time and money.

Many LOS-provided systems have a narrow set of acceptable file formats. Whereas, the right independent document management solution provides support for a wide array of file types that can be stored in their native format.

The advantages don’t end with the superior functionality provided by the right independent document management solution. For LOS-provided systems, the story usually ends with residential lending.  But if you truly want to experience increased operational efficiency and enterprise-wide cost savings, shouldn’t the use and functionality of document management technology extend to all lending areas and business processes within the financial institution?

Enterprise use of an independent document management and delivery solution supports any paper-intensive process and can be used for Servicing, Commercial Lending, Consumer Lending, Human Resources, Accounting, Policies and Procedures, Marketing, and Contract Management to name a few.

In addition to the numerous examples that have been discussed to help you make a more informed decision between a LOS-provided document management system and a “best of breed” independent document management solution, here are some additional big picture items that significantly impact your risk and long-term efficiency gains.

When viewing this decision holistically, it is critical to understand the impact that working with a provider whose core competency is LOS technology vs. Document Management.  Which provider has the knowledge, expertise, and experience to truly deliver the cost savings that document management can provide to your entire organization?

When the technology being used was not created by the LOS, but instead is private labeled vs. being created by the independent document management and delivery solution, who is better able to provide superior customer support?

Who is better equipped to make needed and timely updates to the solution?  Which provider is solely focused on the document management solution vs. which provider is trying to implement all the regulatory changes required in the LOS and doesn’t have time to make document management enhancements in a timely manner?

In today’s mortgage market, speed, operational efficiency, and access to information is critical, especially when responding to changing market conditions while trying to gain a competitive advantage.  Therefore, performance and speed should factor into your document management decision.  Many SaaS LOSs slow down or bottleneck at certain points during the day or most critically, at month-end.  What impact will this have on your productivity and business?

What happens if/when you replace your LOS? In fact, this happens quite often according to the STRATMOR Group, which shared highlights from its 2016 LOS Technology Insight Survey, gauging lender satisfaction with their loan origination systems (LOS). As Senior Partner Dr. Matt Lind explains, “despite the incredible operational disruption that comes hand in hand with a system change, 30 percent of lenders said they were not satisfied with their LOS, an increase from 28.7 percent in 2015. Of these, 19 percent are actively seeking a replacement for their current system and 11 percent are already in the process of implementing a new LOS, regardless of the fact that such a change can consume significant resources and disrupt an otherwise thriving mortgage origination platform.”

If your document management system is tied to the LOS-provider, when you change your LOS, you also will have to completely replace your document management system and processes adding significantly more disruption and definitely more cost. Some companies experience hostage type negotiations just to get their loan data.  Consider that headache doubled if you have to negotiate for your digital loan files as well.

If you change your LOS, and your independent document management and paperless process remains the same, you will experience significantly less change management, little to no disruption to mortgage operations and greatly mitigate organizational risk.

Lenders that take the time to explore the benefits of independent document management and delivery solutions realize significant efficiency gains and increased ROI, while simultaneously enhancing their ability to mitigate risk.

About The Author

Cy Brinn

Cy Brinn is President of VirPack, McLean, Va., a provider of document management and delivery technology to the mortgage banking and financial services industries. He has been involved in creating and delivering innovative technology for residential and commercial mortgage origination and servicing since 1986. He can be reached at cy.brinn@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.

VirPack Strategy Offers Lenders More Immediate ROI

The name of the game is return on investment. The vendor that can offer lenders the fastest and most sustainable ROI will become a market leader. To this end, VirPack, a provider of document management, imaging and workflow solutions, has launched “Preconfigured” Document Management and Delivery System (DMDS), which enables rapid deployment delivering immediate operational efficiency gains and ROI throughout the loan lifecycle.

Featured Sponsors:

 

 
VirPack’s preconfigured methodology ensures that each lender’s deployment is swifter and more streamlined, unlike traditional document management rollouts. By leveraging VirPack’s 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.

Featured Sponsors:

 
With traditional or LOS-provided 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.

Featured Sponsors:

 
“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 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.”

The combination of VirPack’s preconfigured methodology and 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.

“Historically, with traditional or LOS-provided document management implementations, the process has been extremely taxing on lenders due to its time consuming and resource draining nature” said Cy Brinn, president of VirPack. “By utilizing VirPack’s preconfigured implementation methodology and advanced Document Management and Delivery System (DMDS), lenders can immediately reduce their dependency on paper, generate greater operational efficiency, increase productivity, facilitate collaboration and improve customer and staff satisfaction.”

Lenders that implement VirPack’s preconfigured document management methodology can readily turn their focus to leveraging additional DMDS 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.

Easing Document Management Woes

VirPack has released the latest version of its Document Management and Delivery System (DMDS). DMDS version 3.5 includes new capabilities that will deliver additional document management and operational efficiencies to VirPack’s customers.

“With DMDS version 3.5, VirPack produced several innovations that deliver meaningful efficiencies and time savings that create a competitive advantage for our customers,” said Cy Brinn, VirPack’s COO. “There is no question that this upgrade builds on our reputation as a technology leader, one that focuses solely on document management and imaging solutions that simplify and automate business processes.”

Featured Sponsors:

[huge_it_gallery id=”2″]

Enhanced User Interface

Several user facing pages in DMDS 3.5 have been updated with cleaner layouts, sortable columns and improved searching with savable filters. This makes it easier for users to review pending work and access key operations including: Tasks, Workflow, Index, Deliver, Upload and Status.

Expanded Task Management System

While Task Management has been a core capability of DMDS for several years, DMDS 3.5 provides more options for defining and configuring tasks and assigning them to users. New task notifications automatically alert a user when a time-sensitive task is due soon or is past due, and department managers receive alerts and daily summaries about the number of tasks that are due soon or are past due. In addition, due dates can now be configured for business days and holidays, and the Task page now displays additional user and file information with support for user-defined and savable search filters.

Featured Sponsors:

[huge_it_gallery id=”3″]

New Rule-Based Notifications of File and Document Changes

DMDS 3.5 now supports additional rule-based notifications giving users the option of receiving automated alerts when changes are made to a file or individual document container in addition to subscription-based alerts. Rules can be based on file level information and/or user information found in a database or business system.

Larger Page Thumbnails in the Index Application

To save time when reviewing and indexing documents, and/or to confirm content on an image without having to open it, DMDS 3.5 now includes larger page thumbnails in its Index application.

Default Settings by User Type

Also added to DMDS 3.5 is support for default user settings based on user types. When user types are defined and combined with access rules, DMDS can control access to specific files and document containers that users have access to and when they have access to them. This new feature saves time when adding new users and ensures compliance by establishing the appropriate security and access controls by default at a system level.

Lender Enhances Speed And Accuracy With Technology

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.

Featured Sponsors:

[huge_it_gallery id=”2″]

“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.

Featured Sponsors:

[huge_it_gallery id=”3″]

“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

[author_bio]

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.