VIENNA, VA — VirPack, a leading provider of Delivery and imaging solutions to the mortgage industry, announced the addition of BB&T Correspondent Lending to its Delivery business partners, becoming the first to provide this service to BB&T.
VirPack offers correspondent sellers one-click electronic delivery of loans to BB&T for purchase review. In a market that continues to be fluid, this relationship provides greater efficiencies to BB&T and its clients via one-click Delivery. The businesses have been working closely for several months to develop concepts that went into production last week.
“VirPack is extremely pleased to be the first to support Delivery to BB&T Correspondent Lending. More important than being the first, however, is the collaborative process in which we worked with BB&T’s Correspondent Lending team from day one of our engagement,” said Michael J. Coar Jr., VirPack’s president.
“VirPack has a proven history as an Delivery innovator for the mortgage industry,” said Phil Lamm, Executive Vice President and Correspondent Lending Manager at BB&T. “We worked hand-in-hand to develop a proof of concept, test it and ultimately bring it to market, and we are absolutely thrilled with the end result which enables a streamlined solution for both the BB&T team and our clients.”
The company pioneered this mortgage industry-dedicated solution nearly a decade ago and continues to be an innovative leader in the space. In early September, VirPack announced the launch of Document Management and Delivery System 2.0, the company’s end-to-end paperless platform, which provides lenders with more functionality, more flexibility and more control through every step of the loan process.
VirPack is the leading provider of electronic loan delivery and imaging solutions for the mortgage industry. Founded in 1998, VirPack has pioneered many industry firsts and on-boarded virtually every major investor. VirPack’s award-winning technology, designed specifically for the mortgage industry, drives the industry’s premier Delivery solution and its end-to-end paperless platform, Document Management and Delivery System. VirPack simplifies business processes throughout every step of the loan process resulting in increased efficiencies and significant enterprise-wide cost savings. Additional information may be found at www.virpack.com.
BB&T Corporation (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with more than $155.1 billion in assets and market capitalization of $18.2 billion, as of June 30, 2010. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.