New capabilities and enhanced synchronization with lender LOSs further automates loan origination processing and improves operational efficiency
MCLEAN, Va., April 10, 2015 – VirPack, a leading provider of document management and delivery solutions to the residential mortgage industry, announced that it has released Version 3.4 of its Document Management and Delivery System (DMDS). The new release includes new capabilities and enhancements to key functionality to further automate loan origination and underwriting and improve communication among lenders, borrowers and originators.
“DMDS version 3.4 enables lenders to further automate their loan origination and underwriting processes by synchronizing condition generation, tracking and approval between their LOS and DMDS and simplifying communication between lenders, borrowers and originators,” said Cy Brinn, chief operating officer at VirPack. “These enhancements combined with our expanded web services functionality and automated document indexing process, further improve a lender’s operational efficiency and reduce per loan costs while improving borrower and originator satisfaction.”
The significant new capabilities and enhancements to DMDS include the following:
Loan Checklist Enhancements
The DMDS loan checklist feature has been enhanced to synchronize with a lender’s loan origination system (LOS). When loan conditions are generated in the LOS, the same conditions are dynamically generated as loan checklist items in DMDS and comments and notes associated with the condition in the LOS can be included.
Conditions are linked to the corresponding documents and images in DMDS and loan processors and underwriters review and approve documents and conditions in the DMDS loan checklist. Document and condition statuses can be pushed back to the lender’s LOS keeping both systems in sync.
When a loan is conditionally approved, prior to closing, conditions are created in the loan checklist and pushed back to the lender’s LOS. Commitment letters can now be customized and generated by DMDS. VirPack’s DMDS will also automatically request documents required to satisfy underwriting and closing conditions directly from a borrower or originator through the enhanced loan checklist feature. The requested documents can also be securely uploaded by a borrower through VirPack’s Borrower Portal or from an originator through VirPack’s Originator Portal.
Enhanced Barcode Operations with Automated Document Indexing
The barcode and automated document recognition and indexing (ADI) workflow operations have been enhanced to more efficiently process documents that include barcodes, as well as use automated recognition technology to recognize documents without barcodes. With this enhancement, pages processed by DMDS and found to have a barcode on the page will be immediately indexed and bypass ADI analysis. This eliminates the need for the lender to separate barcoded documents from non-barcoded documents and expedites the document recognition and indexing process by enabling the lender to combine two automated indexing processes in a single step.
Push Notifications Web Services Interface
VirPack has added a collection of web service interfaces utilized by DMDS to notify external systems, such as the lender’s LOS, of changes to loan documents, loan tasks and loan checklist items in DMDS. The new web services integration capability enables lenders to further leverage DMDS’s document management and workflow efficiencies by extending them through integration with the lenders’ LOS.
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-to-end 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.
OnPoint PR and Consulting LLC