Automated document recognition and indexing and integrated investor loan delivery were driving factors behind decision
MCLEAN, Va., July 18, 2016 – VirPack, a leading provider of document management, imaging and delivery solutions to the residential mortgage industry, announced today that Clear Mountain Bank has licensed its Document Management and Delivery System (DMDS).
Clear Mountain Bank, based in Bruceton Mills, WV, is a locally-owned and managed community bank serving north-central West Virginia and western Maryland. Clear Mountain Bank offers a comprehensive array of banking and lending services. The company is a leader in providing electronic banking services, including mobile banking and remote deposit.
In an effort to operate in a paperless environment, Clear Mountain Bank evaluated several third party document management providers. Clear Mountain Bank selected VirPack’s DMDS because it met the criteria set forth by their management team, including the ability to interface with its loan origination system (LOS) and other service providers, the flexibility to manage their residential and commercial loan processes, and the option to utilize DMDS as an enterprise wide document management solution.
“In addition to interfacing with our LOS, it was paramount for our mortgage loan operations to implement a document management and imaging platform that includes features that automate the recognition and indexing of documents using OCR and expedite loan delivery to our investors and business partners,” said Harry Hayes, vice president of mortgage origination at Clear Mountain Bank.
“As we continuously strive to efficiently grow our business, we recognized that a document management system is essential,” Hayes continued. “Document management and imaging solutions are VirPack’s core competency, and the benefits of partnering with a best of breed provider were obvious from day one.”
“Our Document Management and Delivery System provides mortgage lenders a single platform for paperless operation and significantly reduces the cycle time from origination to closing,” said Cy Brinn, president and chief operating officer of VirPack. “VirPack designed DMDS to enable lenders like Clear Mountain Bank to use it side by side or in conjunction with their LOS and other core systems, and through VirPack’s APIs, additional customized interfaces may also be created to increase efficiency further.”
VirPack is a leading provider of document management, imaging 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 simplifies the loan process, increases operational efficiency, helps ensure compliance and provides significant enterprise-wide cost savings. For additional information, visit www.virpack.com.
About Clear Mountain Bank
For well over 100 years, Clear Mountain Bank has been known for their friendly and professional hometown service and a dedication to helping the local communities grow. Clear Mountain Bank offers a complete line of mortgage products. Whether buying, building, refinancing or looking for a vacation hideaway, they have the loan to suit the need.
Recently, Clear Mountain Bank was honored to announce it had once again earned BauerFinancial Inc.’s highest 5-Star Superior rating. Earning and maintaining Bauer’s highest rating for the most recent 50 consecutive quarters, Clear Mountain Bank has also put itself in the higher echelon of “Exceptional Performance Banks,” a designation reserved for institutions that have earned this Top 5-Star rating for ten years or longer. Additional information is available at www.clearmountainbank.com.
OnPoint PR and Consulting LLC