Document management and eDelivery, your way. VirPack's Enterprise Center is the next evolution of paperless.
Enterprise Center (EC) powered by VirPack is the one solution that provides lenders a single platform for paperless operation from origination through post-closing, including one-click eDelivery to most investors and business partners.
VirPack’s Automated Document Indexing (ADI) is completely integrated into EC, and is offered as an automated step in EC’s existing workflow capabilities. VirPack’s ADI leverages innovative full text recognition followed by an analysis of the text to classify documents, and its document library is dynamically updated regularly to include new or non-standard document types. Additional time and cost saving features in the latest version of EC are on-image annotations, including the ability to add a signature and date to an imaged document, thus eliminating the need to print, sign and rescan applicable documents.
Enterprise Center automates both the receipt and indexing of loan submissions for retail, correspondent and wholesale lending platforms.
As part of our continuing effort to add value and functionality to our EC platform, the Portal exemplifies our commitment to providing quality service via our secure document interchange website. There is minimal administrative setup and our training team will work hand-in-hand with you to integrate the EC Portal into your total EC solution.
Additional features and benefits:
- External-facing, stand-alone application where borrowers, originators and other third party users can safely transfer documents and files.
- In many cases, the EC Portal can be branded with your company logo and colors, allowing for a seamless "look and feel."
- Anyone involved in the loan process can participate in the file delivery procedure, including but not limited to auditors, borrowers, appraisers, loan officers, brokers, and other remote third parties, and have a direct, secure connection to your system.
- Documents are uploaded into the VirPack EC system in an intelligent manner via rules engines. With each upload, users have the ability to attach specific file information called meta-data, which speeds up document recognition and processing of information.
- The user interface is intuitive with drag and drop functionality and easy to understand features.
- The EC Portal integrates easily with the Enterprise Center platform providing a seamless communication link.
Get started today with your EC portal! Contact us!
Mortgage lenders strive to maintain competitive advantage and increase market share by making loan submission easier at the point of sale for retail loan officers, third party originators and borrowers. VirPack's Enterprise Center significantly reduces the cycle time from origination to closing and, as a result, increases production and operational efficiencies, grows realtor and builder relationships and referrals, boosts customer satisfaction and attracts and retains talented, reputable originators. With VirPack, lenders gain an innovative partner solely focused on building and delivering the tools needed to keep with the fast-paced and ever evolving industry.
VirPack offers various methods of getting content into the EC system, offering you and your users' flexible options to best fit individual roles.
Application that drives high speed scanners with barcode recognition to capture batches to be routed to the EC system, can be used in your corporate office or remotely in the branches where loans are originated and eliminates the cost of shipping paper files from the branches to corporate for processing.
Secure web upload for indexed or non-indexed documents provides access to staff, remote originators and branches to upload loan documents. PDF files are converted to individual TIFF images and routed to an Index queue for further processing.
- Secure Web Portal:
Both originators and borrowers may upload required documentation for loan processing and approval via this customized interface with your brand, selected colors and text.
- Print to VirPack:
A virtual print driver with indexing identifying loan and container type allowing users to securely print any document or screen shot, i.e., a verification of address screen shot from the Internet or documents generated from your Loan Origination and third-party systems.
- Import module (server side):
Supports inbound fax and document upload from branch locations (image or eDoc) and adheres to rules engine for indexing workflow and unique rules can be created for each branch office submitting content.
- Drag and Drop:
An icon on your desktop with indexing identifying loan and container type allowing users to drag and drop an image or eDoc for import into EC, i.e., if a borrower e-mails a requested document to their loan officer or processor, the user can save the document to their desktop and easily and securely drag and drop the image into the EC system.
- File Upload within Selected VirPack:
Once a VirPack is created in the EC system, a user with the appropriate permissions has the ability to import an image or eDoc directly into a specific loan file and the desired container with one simple right-click of the mouse.
Whether wholesale or retail, centralized or decentralized, Enterprise Center works with and for you to streamline processing. A rules engine routes and organizes new loan submissions into separate queues based on the origination source then notifies users/teams when a new loan is submitted. And, rules can be created for each origination source.
Enterprise Center also allows multiple users to complete tasks, including but not limited to loan setup, GFE review and initial loan scrub, simultaneously resulting in a 50% reduction in processing time according to clients.
Additional features and benefits:
- The processing department, whether in corporate office or a branch, has loan submissions routed to them.
- A notification tool that tells staff when new submissions are available for action and allows for processing of tasks or assigning to underwriting team.
- An easy to use web interface allows a user to open files and tag images (1003, borrower documentation); therefore, indexing the file in preparation for underwriting.
- Users may index documents by loan number and document type using keyboard shortcuts, eliminating requirement for barcode separator sheets.
- Users may delete unnecessary documents with permission prior to submission to underwriting.
- An EC user reviews the loan for accuracy and completeness and then tasks the loan to an individual underwriter or team in the system.
As in Processing, EC allows for simplified collaboration throughout the underwriting function. For example, a senior underwriter in a location outside the home office can be on a phone call with the home office reviewing the file together without having to ship files. Additionally, in the EC system, an underwriter is tasked a loan and when opened the underwriter is presented a customized view so documents needed to underwrite the file are quickly located. A version management feature allows for underwriters to manage conditions, and before a loan can be moved to closing, the EC systems requires the underwriter to complete a checklist for file completeness, ensuring all necessary steps are taken in this function.
Additional Features and Benefits
- EC's customizable views (conventional or government) present loan documents necessary to make underwriting decision.
- Allows underwriter to view multiple images simultaneously on the screen for side-by-side comparisons.
- Allows users to set level of priority and due date as part of a task so underwriters understand if there is a rush job.
- Allows underwriters to move documents into a file, another container housing internal documents or another loan file within the EC system.
- A notification feature allows underwriters to immediately locate and display new content submitted to a loan since the last time that user reviewed the file.
- Underwriters can make comments at a file, container or document level.
- View live data snapshot from LOS (requires configuration)
VirPack's award-winning technology drives the industry's premier eDelivery solution. Effective and reliable, eDelivery through Enterprise Center reduces the time it takes to submit files to investors by as much as 50%. Our investor partners state VirPack deliveries are received the fastest, with immediate on-boarding and the highest indexing accuracy rates of any other delivery method. In a market that continues to have daily volatility, lenders can count on VirPack to support even the most detailed structured content via a one-click eDelivery solution.
In today's market, warehouse capacity and investor purchase turn times are critical. Clients who have implemented Enterprise Center report:
- Faster purchase turn times, making warehouse funds readily available for future lending.
- The ability to deliver loans into a commitment up to the due date has reduced anxiety and improved secondary market execution.
- Increased profits, which they have been able to allocate to the growth of their business.
Additional Features and Benefits
- A pre-delivery document validation reduces loan file suspensions.
- EC provides a simple one-click standard delivery method to all your investors for best efforts and mandatory execution.
- EC allows for delivery of suspense items.
- Manages investor specifications for you, so when an investor modifies their requirements, VirPack is working directly with the investor and the modifications are included in the EC solution.
- Allows electronic delivery to all your investors and business partners, including warehouse lenders, title companies, QC vendors or attorneys who require content out of the EC system to meet their specifications.