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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:

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“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.”

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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.”

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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

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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.

Not The ROI You Expected?

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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“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.

Progress In Lending
The Place For Thought Leaders And Visionaries

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.”

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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.

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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.

Progress In Lending
The Place For Thought Leaders And Visionaries

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.

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“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.

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“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.

Vendor Tries To Advance Origination

VirPack has unveiled its Originator Portal product. The innovative web portal enables lenders that use VirPack’s Document Management and Delivery System (DMDS) to provide originators new web-based capabilities that improve originators’ efficiency and make borrower’s non-public personal information (NPI) more secure.

The Originator Portal is a web-based, intuitive, customizable tool that provides a downloadable list of the documents required for a particular loan, based on predefined rules. With a single click, an originator can upload a required document or a batch file of loan documents in a secure manner directly to the lender. Originators can also access a list of outstanding documents as well as monitor a loan file any time they want, from wherever they are, in a secure manner.

“VirPack created the Originator Portal to increase efficiencies for originators and reduce the time they spend on a loan during the origination process, enabling them to close more loans and generate more revenue for themselves and the lenders that provide the web portal to them,” said Cy Brinn, chief operating officer at VirPack.

Moreover, because VirPack’s advanced Document Management and Delivery System is integrated with the Originator Portal, TPOs can communicate through a secure message feature with lenders and other business partners, and loan data is synchronized with the data in the loan origination system. Lenders using DMDS can more easily and efficiently comply with regulations and cooperate with audits because an electronic audit trail is created and that makes it faster to review and audit an mortgage transaction.

“The Originator Portal was developed with the aim of extending the benefits and efficiency gains from VirPack’s Document Management and Delivery System as well as improve the efficiency of the document management and communication process with originators,” said Brinn.

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.

The March Toward Paperless Processing Continues

North American Savings Bank, F.S.B. has licensed VirPack’s Document Management and Delivery System. After evaluating its processes and third-party options, North American Savings Bank (NASB), a national mortgage lender headquartered in Grandview, Missouri, has concluded that licensing VirPack’s advanced Document Management and Delivery System would reduce its dependency on paper and trim costs and improve origination efficiency. Also, it increases its loan origination capacity, and ensures compliance with Consumer Financial Protection Bureau and state regulations.

“NASB continues to look for ways to enable our loan origination staff to expedite the collection, review and approval of loan documents to compress the time and cost required to underwrite and close loans,” said Bruce Thielen, executive vice president of residential lending at North American Savings Bank. “We conducted a thorough review of document management and delivery systems in order to find a solution that would provide the capabilities needed to accelerate the mortgage origination business.”

NASB required a system that interfaced with its loan origination system and made document submission, upload and handling easier and more efficient than it was in the past. NASB found the VirPack system easy to use and highly configurable, which will enable them to streamline workflow throughout the loan process.

“We are pleased that NASB selected VirPack’s Document Management and Delivery solution. Their selection of VirPack is yet another confirmation that the investments we continually make to expand our document management system technology and capabilities are aligned with the needs of technology focused mortgage lenders like NASB,” said Cy Brinn, chief operating officer at VirPack.

Progress In Lending
The Place For Thought Leaders And Visionaries

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

[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.