McLean, Va., March 11, 2014–VirPack, the leading provider of document management and delivery technology, has integrated with top lender-executed appraisal management platform, LenderX®, to expedite the process of delivering appraisals to the loan files within VirPack’s Document Management and Delivery System.
“We are committed to working with customers and third-party service providers to identify ways our Document Management and Delivery System can improve efficiency, accuracy, and reduce costs. Our partnership with StreetLinks and their LenderX platform achieves those goals for our mutual customers,” said Cy Brinn, COO at VirPack. “Any productivity gain that can substantially reduce cycle time, labor cost, and errors in residential loan origination is important to residential lenders given the extremely competitive market conditions lenders face today.”
Because the appraisal data is populated automatically, lenders save approximately 10-15 minutes per loan. However, the potential time savings that users will realize is much greater than that. After an appraisal arrives, it can take several hours or even a few days before the lender’s employees have the time to enter the data into the LOS. With an automated system, those delays are eliminated. Through the use of the automated notification tools built into VirPack’s DMDS, processors, underwriters, originators, borrowers and any other parties to the transaction can be instantly notified that the appraisal has arrived and access the appraisal document where permitted. This reduces time wasted on phone calls and messaging and improves borrower, origination and processor satisfaction levels.
The VirPack-LenderX integration addresses a problem that the mortgage industry had faced for years and was unable to overcome.
“The interface solves the challenge of finding a way to get appraisals in front of processors and underwriters as quickly as possible 100% of the time, “said Shane Martin, Vice President of StreetLinks Lender Solutions. “This is the first time documents don’t control the customer, and it represents a stark difference from what’s happened in the past. Our clients merely manage their appraisal order through LenderX and the appraisal document is automatically delivered into the correct VirPack Document Management folder for each loan.”
VirPack is the leading provider of document management and delivery solutions to the mortgage industry. Founded in 1998, VirPack has pioneered many industry firsts, such as the first vendor to support electronic investor loan delivery in 2004. VirPack supports more than 30 “One Click” deliveries to major investors and service providers in the mortgage industry. VirPack’s platform also automates the stacking and packaging of loan files to another 50+ additional investors and service providers. VirPack’s award-winning technology drives the industry’s premier delivery solution and its end-to-end paperless document management platform. VirPack simplifies business processes throughout every step of the loan process, results in increased efficiency, helps ensure compliance, and provides significant enterprise-wide cost savings. For additional information, visit www.virpack.com.
StreetLinks Lender Solutions provides an innovative and comprehensive suite of valuation services and lending technology solutions to banks, lenders and other mortgage industry firms. StreetLinks’ commitment to quality and service, embodied by our partnership approach to clients and appraisers, continues to set us apart as the nation’s premier lending solutions partner. Our products and services are used by thousands of mortgage bankers and appraisers nationwide to simplify and improve everyday business operations. For more information, visit www.streetlinks.com.