Ways For Title Agencies To Ensure Faster Closings For Their Lender Clients

Title companies have been under increasing pressure to increase efficiency, while also ensuring regulatory compliance and reducing costs. Across title operations, multiple parties are involved in almost every deal. Because no title agent wants to staff up, given the volume swings that the industry is seeing today, finding capable partners is the need of the hour.

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Title agents need to take control of their systems and processes so that they can ensure faster closings for their lender clients. What are ways for them to do this? In a new eBook the company has published, the company outlines the 8 key ideas for title agents to ensure faster closings for their lender clients.

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The work we do in the mortgage lending industry is too complex and has too many compliance ramifications; this work requires sophisticated technology,” said Alok Bansal, Managing Director at Visionet Systems. “The title industry, in particular, can significantly benefit from technology that will help them streamline and automate their workflows and meet their changing needs.”

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Some of the ideas that the eBook talks through in detail include automated workflows, intelligent vendor management, integrations, ease of use, managing security and compliance, having convenient features like bulk upload, auto-typing, the role of a customer communication portal, and the ability to customize and personalize your title production platform.  Download the eBook

Visionet provides back-office title services as well as a modern title production platform that meets or exceeds several or all of these requirements. With pay-as-you-go pricing to fit the specific needs and budget of each title company, Visionet’s back-office service offerings include title searches, loan reviews, loan modifications and HUD settlements to help agencies work faster, cheaper, and more accurately.

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eClosings Are Picking Up Steam

Talk of the Digital Mortgage is everywhere. This is the big push for lenders looking to increase efficiency and cut cost. And vendors are stepping in to help lenders achieve this goal. For example, Visionet Systems, has released an enhanced web services integration layer for CD2UCD, a solution that converts Closing Disclosure (CD) images to Uniform Closing Dataset XML.  Visionet will be exhibiting its  solutions at the National Technology in Mortgage Banking Conference & Expo 2017, an event held by the Mortgage Bankers Association at the Hyatt Regency, Chicago from March 26 to 29.

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CD2UCD addresses situations where the data required to produce the UCD is not available, such as CDs modified at the closing table and loans acquired through correspondent or bulk channels.  The enhanced interface allows lenders, closing agents, document preparation providers and Loan Origination System (LOS) vendors to easily pass a CD document and the required GSE data fields to the CD2UCD service and receive back a fully GSE-compliant UCD.  CD2UCD also fulfills single and bulk requests via secure web portal and file transfer mechanisms.

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“We’ll be discussing our latest enhancements to the CD2UCD platform at MBA Tech 17, and highlighting the important industry problem it addresses,” said Norman Gottschalk, CTO at Visionet. “CD2UCD is the result of two years of investment, collaboration and learning, and we continue to invest in its development.  We look forward to sharing our expertise and experience with our present and future clients and colleagues, and we encourage partnerships and integrations with all industry participants.”

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Visionet’s solutions help lenders, servicers and investors stay compliant with the ever-changing regulatory environment, while staying as efficient and cost-effective as possible.  CD2UCD represents a prime example of how the application of technology can significantly boost back office productivity. Instead of spending countless hours compiling and entering the information required to produce each UCD, our solution is simple and scalable, and drastically reduces the time and resources mortgage firms spend on investor delivery.  Visionet is proud to be the first to bring such a game-changing product to market.

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Lenders Look To Gain Efficiency

As the cost to originate increases, lenders need to be more efficient. One way to do that is to automate more within your LOS. For example, Visionet Systems Inc., a leading automated document classification, indexing and data extraction provider for the mortgage industry, has completed an integration with LOS provider LendingQB. The integration enhances operational efficiency by seamlessly automating document management within the mortgage lending workflow.

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Visionet Systems has over 20 years of experience in providing businesses with innovative solutions for electronic document processing and Business Process Outsourcing services. Visionet’s VisiLoanReview (VLR) Platform is a solution for mortgage lenders that eliminates the manual splitting and indexing of documents that impedes the loan process. “Lenders spend between 30 and 120 minutes combing through document packages on every loan file,” said Arshad Masood, CEO of Visionet. “Our technology and services allow lenders to offload a cumbersome and tedious process and improve the efficiency and scalability of their organization.”

The integration allows users of the LendingQB system to automatically push electronic documents to VLR for document processing, which splits document packages, indexes individual documents and extracts data elements according to the needs of the LendingQB client. Visionet provides a white glove service which handles all exception processing, including those involving handwritten documents and borrower supplied correspondence. Each document is then mapped to lender-specific naming conventions and automatically inserts the documents back into the LendingQB loan file. Visionet’s clients have reported efficiency gains of 30 percent or more using the VLR platform and services.

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“We are very pleased to add Visionet’s capabilities to our platform,” said Binh Dang, President of LendingQB. “Our two companies have a shared goal of helping mortgage lenders become leaner and more effective organizations. The integration of VLR is truly synergistic because it merges our core capabilities and transforms the way that lenders work.”

Visionet’s Masood agreed. “Visionet is continually enhancing our capabilities for mortgage lenders, and we welcome opportunities to partner with leading LOS providers like LendingQB.  We look forward to providing LendingQB’s clients with the proven process efficiencies provided by our unmatched technology and people.”

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It’s All About Speed And Accuracy

*It’s All About Speed And Accuracy*
**Advancing The Process**

fast***Visionet claims that it can deliver a complete and accurate HUD-1 statement in under 30 minutes. This 30-minute window applies to even the most complex HUD-1 statements, and includes both automated processing as well as full manual review, delivering accuracy of 99.9%. Basic HUD-1 documents can be prepared in approximately 5 minutes. Visionet accurately processes 30,000 HUD-1 documents each month, achieving Six Sigma quality levels. Here’s how they do it:

****Visionet leverages technology to generate HUD-1 settlements by interpreting lenders’ closing instructions, verifies the accuracy of all fee calculations, and ensures that they incorporate data from the Good Faith Estimate (GFE). In minutes, AutoHUD provides most of the information required to prepare accurate closing documents.

****Visionet offers seamless integration with customers’ HUD preparation systems. All of its web interfaces are user-friendly and provide tools for viewing and editing HUD documents.

****“We couple cutting-edge technologies and a highly qualified team to create a new standard for HUD preparation. 30 minutes is the new standard that the financial services industry is demanding, without compromising quality,” said Bill Welge, Principal, Mortgage Solutions at Visionet. “We are excited about our HUD technology; it rounds out Visionet’s line of settlement solutions, covering pre- and post-closing review, nationwide recording services and policy preparation for a truly seamless process.”

Outsourcer Expands Offering

*Outsourcer Expands Offering*
**New Tool Emerges**

outsourcer-expands***PROGRESS in Lending has learned that Visionet, a provider of outsourcing solutions and mortgage, title and servicing software, has combined many of its product solutions to form VisiBanking Suite. This suite leverages rules engines, OCR/ICR, auto-indexing and numerous validation tools, evolving workflow, best practices, analytics and audit for a powerful tool set.

****The configurable VisiBanking Suite provides the tools to enhance performance for clients from POS through Servicing and Default. Component solutions can also be quickly deployed in Compliance, OCC Look Backs, HUD Prep, Auto Pre & Post Closing Review, Imaging and Indexing, Document Recordation, GSE Repurchase, Audit/QC, Developing & Enforcement of Risk Indicators, Default, and REO.

****Currently, the VisiBanking Suite is driving efficiency and accuracy gains of over 80%, enhancing margins, and providing a reduction of fixed expenses, the company claims. The end result has included substantial improvements in quality, reductions in both cycle times and cost, and higher customer satisfaction.

****“The Mortgage Industry needs the right tools to prepare for and adapt to a changing and demanding regulatory environment such as CFPB compliance. Automation and technology are tools that help mortgage lenders and servicers comply with all of the changing regulations in a timely fashion,” concluded Bill Welge, Principal, Visionet.