Lender’s staff is delighted with intuitive design and time saving features
MCLEAN, Va., May 20, 2015 – VirPack, a leading provider of document management and delivery solutions to the residential mortgage industry, announced today that Equity Resources, Inc. has licensed and is in production with VirPack’s Document Management and Delivery System (DMDS).
Equity Resources, Inc., based in Newark, Ohio, is an independent mortgage banker licensed in 14 states and Washington, DC with 22 branch offices that specialize in retail consumer lending with a proven commitment to improving the lives of families through raving fan customer service.
After experiencing speed and performance issues and other challenges with its previous document management solution, Equity Resources began evaluating third party document management solutions. Equity selected VirPack’s DMDS because it met the criteria set forth by their management team, including the ability to interface with its LOS, and it was overwhelmingly supported by its employee evaluation group who found it intuitive and easy to use.
“Equity Resources required a solution that could interface with our loan origination system, automate the splitting and indexing of documents using OCR and expedite loan delivery to our investors and business partners,” said Kelly Welch, executive vice president of Equity Resources, Inc. “As a result of implementing VirPack’s DMDS, we have gained additional processing efficiencies and competitive advantages, all of which have helped us accelerate the growth of our mortgage business.”
Prior to implementing VirPack’s DMDS, Equity Resources relied on the document management functionality provided by its loan origination system provider but found it lacked the features and functionality required to maximize efficiencies in its loan process. It also presented other challenges including the creation and conversion of document images that were fuzzy and difficult to read, resulting in its investors periodically suspending loans and requiring new document images which delayed purchase times.
“Our LOS does a lot of things well, but it could not keep up with our document management needs or provide the efficiencies required for us to grow our business,” Welch said. “Document management and delivery solutions are VirPack’s core competency, and the benefits of partnering with a best of breed provider were obvious from day one.”
Equity Resources also cited VirPack’s ease of use, implementation expertise and the depth and quality of training, which ensured that their employees would quickly be able to get the most out of the system, in selecting VirPack.
“Even though we were as busy as we’ve ever been, the transition to VirPack’s DMDS was smooth and painless. Because of the additional capabilities provided by VirPack’s solution, our employees were excited to use it, and with the intuitive design, our staff got up to speed on the software very quickly,” Welch said. “From the time we deployed VirPack, our staff have been nothing short of delighted about the functionality and efficiency it provides them.”
“It’s unfortunate that many lenders feel handcuffed to their current document management solutions, whether provided by their LOS or another third party vendor,” said Cy Brinn, chief operating officer of VirPack. “VirPack has worked diligently to expand the capabilities of our document management system to meet the needs of technology focused mortgage lenders like Equity Resources. The benefits and success that Equity Resources has enjoyed in such a short time is just the beginning and makes them a bellwether for their peers.”
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.
About Equity Resources, Inc.
Celebrating its 22nd year, Equity Resources, Inc. is known for their commitment to improving the lives of families. Equity Resources, Inc. is an approved seller servicer with FNMA and an approved single family issuer of GNMA securities. Equity Resources, Inc. boasts an experienced in-house underwriting and processing team resulting in quality, common sense mortgage loans that are processed quickly and efficiently. Equity Resources’ advanced technology systems further enhance the smooth loan process for borrowers. Equity Resources, Inc. was recently named one of America’s Top Mortgage Employers nationwide by National Mortgage Professional Magazine, has received the Consumer Choice Award, and has a Better Business Bureau rating of A+. More information can be found at www.callequity.com.
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