VirPack reports that mortgage lenders are migrating to VirPack’s Document Management and Delivery System, because it delivers a single platform from origination to post closing that helps ensure compliance with new regulations. Since the Consumer Finance Protection Bureau (CFPB) began to disseminate its rules, many banks that relied on paper processes have realized automating was a key to thriving in the new regulatory environment.
“Some firms saw the regulations as solely a burden, we saw them as one more opportunity to improve the profitability of our clients—through greater efficiency,” said Michael Coar, CEO at VirPack. “To be sure, the new rules mean additional expense for most lenders, but not for our clients who realize a savings of as much as 30%, and an improvement in accuracy that often approaches 100 percent.”
VirPack engineered its Document Management and Delivery System to support lenders and provide one of the most significant returns on investments in the industry. It can do that because the firm works closely with clients to understand their needs and can then act to ensure that they are met—a key consideration in a rapidly changing regulatory environment and mortgage market.
“We listen to our clients very closely and our corporate culture has instilled in all of us a commitment to respond quickly, decisively, to what concerns them, with enhancements, upgrades and new modules,” said Coar. “As a result, we are able to see where the market is going and get there before others in the industry. For instance, our customers told us that having automated workflow and task management integrated with document management would enable them to ensure compliance with regulatory and investor requirements. Working closely with our customers we created those capabilities and deployed them in our software”
During a regulatory audit, for instance, lenders that have deployed the VirPack Document Management and Delivery System can easily locate the loan documents that are requested, without having to worry about tracking down lost or misplaced files. With the click of a button, the information requested is collected and provided to the regulators in the format they prefer. The lender will also know that the required documents have been captured as the workflow system won’t allow a loan to advance if the documents are not in place.
“Many lenders have document imaging and storage capabilities that come with their LOS. While basic document imaging capabilities are helpful, many lenders have come to appreciate that in order to ensure compliance and operating efficiency they need a comprehensive document management system that will ensure compliance with regulations and investor requirements. , though they can lead to expensive, maddening delays, and potentially expose them to regulatory risks,” said Coar. “Document management is our 100 percent focus at VirPack. Our solution provides the capabilities lenders need to stay in compliance, meet investor delivery requirements and maximize efficiency.”