Results include efficiency gains, reduced costs, improved customer service and enhanced data security
MCLEAN, Va., October 20, 2015 – VirPack, a leading provider of document management, imaging and delivery solutions to the residential mortgage industry, announced today that its Document Management and Delivery System (DMDS) has been deployed by North American Savings Bank, F.S.B.
“We were a paper-based shop before we licensed VirPack’s DMDS,” said Cathleen Gwin, vice president of compliance and project management at North American Savings Bank. “Once we implemented it, our employees found that using the system was much easier than expected and they were more productive.”
North American Savings Bank (NASB), a national mortgage lender headquartered in greater Kansas City, Missouri, found that utilizing image-based loan files enabled faster document retrieval and access, fostered collaboration and eliminated the possibility that documents could be misplaced or lost. For instance, Gwin said, “When NASB relied on paper files, extra controls were needed to ensure that any pages employees may have removed from a loan file during review were properly returned to the file. However, DMDS’ sophisticated document management platform stores all of our document images in one secure location.”
Moreover, relying on paper processes meant that only one NASB employee could work on a file at a time. In contrast, DMDS lets multiple people work on the same file, simultaneously. For instance, a Quality Assurance employee can perform an audit on a file at the same time as the Closing department completes their work on the file.
“From a customer service standpoint, the benefits are tremendous,” said Gwin. “Lending employees across NASB can look in a single location for loan files and they can immediately answer questions from borrowers and from third-party service providers, such as real estate agents, inspection companies and title companies, without leaving their desk to retrieve a loan file.
The customer service benefits NASB experienced also led other departments to embrace the technology. “For example, those from the shipping department now say they will never go back to paper because they can save 10-15 minutes on every loan – a significant savings given the hundreds of loans we close each month. With VirPack’s DMDS, placing loan documents in the proper order to comply with investor or HUD guidelines requires only a single mouse click,” said Gwin. “Since the system is intuitive and easy to learn, employees had very positive attitudes toward making the process changes necessary to adopt VirPack’s DMDS.”
In addition to the operational efficiencies VirPack’s DMDS created, NASB was able to significantly reduce the cost of office supplies associated with paper files. Also, the technology eliminated the cost of storing paper loan files, as well as the fees associated with retrieving and returning them to the document storage facility.
Lastly, VirPack’s DMDS has provided NASB with significant document and information security enhancements that limit loan file access according to job role. “Employees may only view specific loan files, or parts of files, to which they have been given access,” said Gwin. “This can also be validated to show compliance to investors, regulators and auditors.”
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.
North American Savings Bank, is a division of NASB Financial Inc. (OTCQX: NASB) is a national mortgage lender that provides services for residential and commercial real estate lending. NASB has assets of more than $1.5 billion and has closed almost $9 billion in residential loans since 2008. NASB ranks among the top-25 lenders in Veterans Administration loans and is one of the 100 largest mortgage lenders in the U.S. NASB operates five retail banking offices in Kansas City as well as others in Harrisonville, St. Joseph, and Excelsior Springs, Missouri. For additional information, visit www.nasb.com.
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