McLean, Va., October 14, 2014 — VirPack, a leading document management and delivery solution provider to the residential mortgage industry, reports that it is helping state housing finance agencies deploy their Document Management and Delivery System to reduce costs and improve operating efficiency and customer satisfaction.After performing extensive due diligence, Utah Housing Corporation (UHC), like other housing agencies, licensed the VirPack’s Document Management and Delivery System because it concluded there would be a significant increase in efficiency and accuracy, and a substantial decrease in the time spent managing documents and images.
“We have found that VirPack’s Document Management and Delivery System, enabled UHC to handle a 30% increase in loan volume without the need to add staff,” said Deon Spilker, VP of Mortgage Banking at Utah Housing Corporation. “In addition, VirPack’s e-delivery application includes a pre-configured delivery profile for our QC service provider, which enables us to deliver multiple loans to them with one click of the mouse. This has reduced the time required to prepare and deliver loans for QC review by 75%.”
“UHC has streamlined the loan file and condition submission process for our lender partners, and we’ve reduced our internal condition clearing process by approximately 40%,” said Jonathan A. Hanks, SVP and Chief Operating Officer at Utah Housing Corporation.
“VirPack’s Document Management and Delivery System helps housing finance agencies to significantly increase productivity, speed loan review processes and reduce overhead costs. HFAs are often challenged with their operating budgets, so they often do not have all of the staff they would like to have. Our document management software enables their staff to work with documents and images much more expeditiously than the typical document management capabilities found in LOS software or generic imaging systems,” said Cy Brinn, COO at VirPack. “With our growing Housing Finance Agency customer base we intend to increase our collaboration with them and create additional capabilities that will benefit the HFA community. One such example is VirPack’s Origination Web Portal, which enables housing finance agencies’ lender partners to deliver loan files and conditions with greater ease, accuracy, and speed.”
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 80 deliveries to major investors and service providers in the mortgage industry. 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.
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