McLean, Va., Feb. 14, 2014–VirPack, the leading provider of document management and delivery technology, has released Version 3.3 of its Document Management and Delivery System.
“VirPack’s Document Management and Delivery System remains well ahead of the rest of the industry, but we wanted to open that gap even wider, and with this new release, we have done that,” said Michael Coar, CEO at VirPack. “We are constantly speaking to our customers, lenders and our partners for ways to enhance the solution. Their recommendations were the basis of several upgrades that make the technology easier to use, more flexible, improve efficiencies, and deliver competitive advantages to them.”
“Too often lenders rely on the document management features that their loan origination system provides. LOS vendors simply do not have the time and expertise to develop the type of robust platform that is required, especially considering the heightened regulatory scrutiny that lenders of all sizes face,” said Coar. “In contrast, we are down in the trenches with our customers, and focused on improving our enterprise-wide document management system every day,” said Coar.
Moreover, with this upgrade, VirPack has continued its tradition of delivering dozens of innovative features, designed to make a real difference to lenders because they reduce labor costs, improve accuracy, and increase origination and delivery efficiencies.
Among the most significant features included in Version 3.3 are the following:
Designed for Underwriters and Processors:
- Free Form Text Stamps — Enable users to create a box of any size in which they can record a note that can either stay with the document for internal use or be included on images delivered to investors and other third parties, such as notesand calculations explaining why a loan, which otherwise might not be obvious,qualifies for a particular program.
- User Defined, On-Document Text Stamps — Lenders can automate the process of placing date stamps, signatures, initials, CHUMS ID numbers, and other customer or lender- specific values.
- Loan Checklists — The DMDS rules engine generates a list of required documents and actions that must be complete in order for the lender to approve and fund the loan.
- Link and Display Documents with Checklist Items—Allows the user to manage loan conditions with individual documents or images directly linked to each condition.
- Loan Page Image Tags—Users can create and apply tags to image pages to further identify specific pages within documents. For example, for a loan with multiple borrowers, an underwriter will want to tag specific pages of bank statement document images that pertain to each specific borrower.
- Loan and Document Level Access Control Based on Status Changes—Lenders can establish and automate access to specific loans and documents based on the loan status in their loan origination systems. Also, users can dynamically lock loan files based on rules they establish.
- Automated Assignment of Loan Tasks Based on Loan Data and Status Changes—Enables lenders to configure the DMDS software to assign tasks based on data obtained from external services or imported from the lender’s loan origination system.
- Investor Delivery Loan Preview—Provides automated accuracy and compliance screening of data and documents prior to shipping loan files to an investor. This new capability also enables the secondary marketing and shipping staff to reviewthe documents and images in each investor’s stacking order before transmittingthe loan file to the investor.
- Enhanced Web Services API—Enables lenders and third parties, such as mortgage insurers, appraisal management companies, verification and fraud check providers, to more easily pull and push data and documents, to and from, VirPack’s Document Management and Delivery System.
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.
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