Simplified Processes Makes for Faster Loans and Better Service
Lenders using the PowerLender® Loan Origination System are capitalizing on competitive advantages offered by VirPack™, a leading provider of document management, virtual workflow and electronic delivery solutions for the lending industry. VirPack’s Document Management and Delivery System (DMDS) capabilities include upload, access and indexing features that provide lenders and their constituents with secure, accurate and time-saving methods of managing loan documents during the lending process. PowerLender provides lenders with a secure and robust system of record whose flexibility promotes workflow control, data-validation, and stakeholder communication. Together, PowerLender and VirPack enable greater operational efficiencies and role-based transparency across the lending process.
Our Joint Success
One PowerLender user leverages the synergy of these two companies by allowing their third-party originators (TPO) to efficiently submit and lock loans in PowerLender and then upload the required documentation using the VirPack DMDS. PowerLender identifies and communicates existing loan conditions back to the TPO who completes the document fulfillment process using VirPack, resulting in a faster and more accurate process.
The lender’s back office staff is able to engage VirPack DMDS capabilities to better manage the condition identification and elimination process in PowerLender. Management can quickly access files electronically and save time with automated indexing which eliminates redundant processes, bringing them significantly closer to achieving their goal of becoming a paperless lending operation.
For this lender, VirPack and PowerLender were able to reduce the time from lock to close on their TPO loans. Through this partnership, they realized increased volumes and additional TPO participation, attracted by the ease of the document fulfillment process and faster, cleaner loan closings.
VirPack is a pioneer of innovative, award-winning technologies and solutions since 1998. A leading provider of virtual document management, imaging and delivery solutions, VirPack has enabled lenders to gain competitive advantages by increasing productivity and improving operational efficiency across the lending process. VirPack leads the mortgage loan industry with its end-to-end paperless document management platform. For additional information, visit www.virpack.com.