McLEAN, Virginia – October 17, 2019

VirPack is pleased to introduce our latest release which offers partner supported functions and new features designed to ease frustrations commonly experienced across the lending industry.

Reduced Stare and Compare with Cross Document Comparison Tool

The mortgage industry is rife with labor-intensive reconciliation processes that require users to manually compare documents to data. Our ADE function was designed with correspondent/wholesale lenders in mind, but will add value for many of our customers who want to ease the challenges of data reconciliation.

VirPack’s Automated Data Extraction (ADE ) solution leverages optical character recognition and document recognition technology to help eliminate “stare and compare” data validation. This new functionality will help lenders to reduce errors and speed up loan processes, increasing their efficiency, accuracy, and productivity.

  • COMPARE DATA: Cross document comparison facilitates real-time comparison of data across all documents submitted, which reduces the risks associated with lingering data discrepancies. 
  • NEW DASHBOARD: The new dashboard panel provides a focused environment to view loans with current doc-to-doc data discrepancies highlighted for easy identification. 
  • NEW DATA EXPORT INTEGRATION: VirPack’s new data export feature allows users to update any third party system, such as a LOS, by retrieving extracted data directly from VirPack. 

VirPack has been on a mission to modernize business operations and accelerate digital transformation by providing workflow automation, data management, and an integrated system that keeps employees in-platform and on-task. We are proud to have leveraged relationships with over 75 organizations to enable the exchange of documents across lender and investor platforms for increased efficiency.

As early pioneers of solutions that help our customers become more efficient, productive, and better organized, we are very pleased with our latest release.

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