New capabilities increase efficiencies and compliance with the TILA-RESPA Integrated Disclosure Rule
MCLEAN, Va., August 22, 2015 – VirPack, a leading provider of document management and delivery solutions to the residential mortgage industry, announced that it has enhanced its Document Management and Delivery System (DMDS) with the capability to identify TRID documents using its enhanced Automated Document Identification (ADI) module.
“With the advent of the new TRID regulations lenders are required to perform the required tasks within tight deadlines, such as providing loan estimates within three business days. Lenders utilize DMDS to attain additional processing efficiencies and competitive advantages that help accelerate the growth of the mortgage business. With the effective date of the new TRID regulations looming, VirPack wanted to enable its customers to leverage DMDS to gain efficiencies in complying with TRID.
To that end VirPack enhanced the ADI module to handle TRID-related documents to help ensure that they avoid the bottlenecks that many in the industry are predicting—if an effective automated solution is not used,” said Cy Brinn, COO at VirPack.
“To provide our lender customers with additional efficiencies VirPack programmed our ADI module to recognize TRID documents, ahead of the Oct. 3, 2015 deadline. This will help lenders decrease the workload on their staff as it pertains to identifying and filing document images required to comply with TRID. Specifically VirPack has programmed the ADI module to automatically identify and file the combined TILA and RESPA Disclosure, the Loan Estimate, and the Closing Disclosure. With the updates VirPack has made to the ADI module DMDS will now identify and file the new TRID documents with little to no human labor. This will enable our lender customers to use their staff resources for higher value work, Brinn added.”
VirPack is a leading provider of document management, imaging and delivery solutions to the mortgage industry. Founded in 1998, VirPack 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 investors and service providers in the mortgage industry. VirPack simplifies the loan process, increases operational efficiency, helps ensure compliance and provides significant enterprise cost savings. For additional information, visit www.virpack.com.
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