MCLEAN, Va., and SAN DIEGO, Calif., January 22, 201 5 – VirPack, a leading provider of document management and delivery solutions to the residential and commercial/multifamily mortgage industries, announced that BofI Federal Bank has selected VirPack’s Document Management and Delivery System as its enterprise document management and delivery solution.
BofI Federal Bank, headquartered in San Diego, CA, is a nationwide branchless bank that provides financing for single and multifamily residential properties. With more than $4.8 billion in assets, BofI Federal Bank distributes its loan products through retail, correspondent and wholesale channels.
“BofI Federal Bank wanted to enhance and streamline its end-to-end paperless loan process in the residential, commercial and multifamily lending operations,” said Brian Swanson, executive vice president and chief lending officer at BofI Federal Bank. “We selected VirPack’s Document Management and Delivery System for its robust functionality, intuitive interface and ability to integrate with our residential and commercial/multifamily loan origination systems.”
VirPack’s Document Management and Delivery System will increase efficiency in BofI Federal Bank’s retail, wholesale and correspondent lending channels to streamline document intake, automate document recognition and indexing and avoid delays that have afflicted many lenders because of new regulations, swollen loan files and reduced staff levels.
BofI Federal Bank also cited VirPack’s Borrower and Originator Web Portals, which enable BofI Federal Bank’s consumer and business customers to securely upload documents, track loan status and securely communicate with the bank’s staff, in selecting VirPack.
“There is no question that VirPack has developed a sophisticated platform that delivers on our promise to customers of providing a very effective document management and delivery technology that improves throughput, while shortening turn-times and cutting costs,” said Cy Brinn, VirPack’s COO. “In an environment in which lenders are forced to deal with greater regulatory scrutiny and economic pressure than ever before, lenders rely on VirPack’s solutions to ensure compliance, increase capacity, and deliver high levels of service without having to hire additional staff.”
VirPack is a 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 electronic investor loan delivery in 2004. The VirPack Document Management and Delivery System and VirPack Partner Network support 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-toend document management and delivery 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.
About BofI Federal Bank
BofI Holding, Inc. (NASDAQ: BOFI) is the holding company for BofI Federal Bank, a nationwide branchless bank that provides a range of consumer and business banking products to its customers through its low cost distribution channels and affinity relationships. With over $4.8 billion in assets, BofI Federal Bank provides a full offering of deposit products for consumers and businesses and provides financing for single and multifamily residential properties, small-tomedium size businesses in target sectors, and selected specialty finance receivables. BofI Holdings was recently named the top performing large thrift in 2013 by SNL Financial. BofI Holding, Inc.’s common stock is listed on the NASDAQ Global Select Market and is a component of Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit www.bofifederalbank.com.
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