McLean, Va., March 18, 2014–VirPack, the leading provider of Document Management and Delivery solutions, announced today that it has launched the VirPack Partner Network, which provides lenders with “One Click” access to service providers and investors as well as increased throughput, accuracy, and lower costs.
“The VirPack Partner Network was created to enable lenders, origination service providers and mortgage investors to integrate their services into the VirPack Document Management and Delivery System,” said Cy Brinn, VirPack’s COO. “VirPack is focused on providing expanded service ordering and investor delivery choices for lenders. We work continuously to provide them with increased origination efficiency and to help them achieve a zero defect rate when manufacturing mortgages.”
“There is nothing like the VirPack Partner Network in the mortgage industry, which combines a Document Management and Delivery Platform with the benefits of unparalleled access to service providers,” said Brinn. “We spent time with lenders to understand their pain points and how they wanted them addressed. This is the forward-looking technology they sought to improve their processes, reduce costs, and improve accuracy.”
In addition, given the rapidly changing secondary market forces, lenders want the widest array of One Click investor delivery choices they can have. Because DMDS automatically compiles loan documents in the investor’s unique stacking order and file format–in seconds and with 100% accuracy–lenders prefer to deliver to investors who participate in the VirPack One Click investor delivery network.
To be sure, investors expect the highest level of accuracy and efficiency when receiving loan files, communicating with lenders, and document requests, and the VirPack Partner Network achieves those goals. “The new features we provide for loan delivery receipt and two-way communications about loan delivery status and follow-on document requirements from investors was included for that purpose,” said Brinn.
“Ordering services through the VirPack Network means greater accountability and efficiency because documents ordered from a participating service provider are delivered automatically into the Document Management and Delivery Platform,” said Tony Eelman, Chief Operating Officer at FBC Mortgage, LLC. “When we order services through this platform, we are buying them direct and can negotiate a price. That price is almost always lower than through a loan origination system.”
Among the investors VirPack delivers to are Wells Fargo, Flagstar, Citi, Chase, FHA, PennyMac, BBT, Homeward, Opus, GreenTree, Franklin American, Roundpoint, PHH, Pingora, 360 Mortgage Group.
VirPack provides service ordering and delivery interfaces with a wide array of service providers including StreetLinks, LoanLogics, MGIC, StoneHill, Global, Cenlar, Tena, MRN, ServiceLink, Allonhill, and Adfitech.
Up to now, clients had access to the Investors Delivery functionality within VirPack’s DMDS. That option remains, though many investors have begun to transition to upgraded platform.
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 more than 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 the loan process and creates increased efficiency, helps ensure compliance, and provides significant enterprise-wide cost savings. For additional information, visit www.virpack.com.