McLean, Va., Oct. 21, 2014–VirPack,the leading provider of documentmanagement and delivery technology, reports that in the 16 years since it opened its doors, VirPack’s Document Management and Delivery System(DMDS) has imaged 448 million pages of mortgage documents, which otherwise would have ended up in the form of paper documents and paper copies thereof.Staff in the processing, underwriting, post-closing, investor review, and otherorigination functions often photocopy these documents at least one time, eliminating another 448 million pages of paper documents. Add another 940,000 pages that did not have to be copied for regulatory audits for a combined total of nearly a billion pages of paper—and significant benefits to the environment.
For instance, a single tree yields an average of 8,333 pages of paper, and that means that VirPack and its lender customers have saved 113,000 trees. As there are an average of 700 trees per acre, VirPack and its lender customers havesaved 161 acres of trees. Moreover, an acre of trees absorbs an average of six tons of Carbon Dioxide gas and generates four tons of Oxygen per year, whichequates to the DMDS technology generating an incredible 645 tons of Oxygenper year and eliminating 967 tons of Carbon Dioxide gas per year.
Last, to appreciate the magnitude of the paper eliminated from the mortgage industry by VirPack and its customers consider that 500 pages of 20lb paper are2” high. The 996 million pages of paper eliminated, stacked on top of each other would measure 156,734 feet or 30 miles high, and that is about half way to the Karman Line, the boundary of outer space. Within another decade, or so,VirPack expects the environmental benefits that it’s technology creates to be, literally, out of this world.
“VirPack’s Document Management and Delivery System has long been recognized for its culture of innovation that delivers continuous productivity enhancements and competitive advantages, and in addition, VirPack also provides our customers the ability to generate great benefits for our planet. We are proud to provide our customers with technology that helps them be more profitable and make a positive impact on the environment at the same time,” said Michael Coar, VirPack’s Founder and CEO.
In addition, VirPack’s technology has enabled its customers to eliminate the fuel required for courier services to deliver at least 448 million pages of documents and the emissions their vehicles release into the enviornment. To be sure, that number is conservative because it does not include delivering loan packages to multiple investors, secondary market buyers, mortgage insurers and others.
“We have produced a technology platform that is not only the most sophisticated offering in the marketplace, but one that preserves the environment,” said Coar. “We continue to focus on our clients and deliver enhancements that will speed processes, cut costs, improve accuracy, and help our planet while moving theindustry closer to a zero defect mortgage manufacturing process.”
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. The VirPack Partner Network supports more than 80 deliveries to major investors and service providers in the mortgage industry. VirPack’s platform automates the recognition and indexing of document images as well as the stacking and packaging of loan files to 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.
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