VirPack has integrated with top lender-executed appraisal management platform, LenderX, to expedite the process of delivering appraisals to the loan files within VirPack’s Document Management and Delivery System.
After an appraisal ordered through the LenderX platform is received, many lenders using document management systems manually copy appraisal files from either their appraisal storage directory or their LOS into their Document Management System files. This process is a slow and tedious one that can lead to expensive errors. The new interface between VirPack and LenderX, a product of StreetLinks, LLC dba StreetLinks Lender Solutions, automatically delivers an appraisal file directly into the correct loan file and appraisal folder within VirPack’s Document Management and Delivery System in a single, instantaneous step.
“We are committed to working with customers and third-party service providers to identify ways our Document Management and Delivery System can improve efficiency, accuracy, and reduce costs. Our partnership with StreetLinks and their LenderX platform achieves those goals for our mutual customers,” said Cy Brinn, COO at VirPack. “Any productivity gain that can substantially reduce cycle time, labor cost, and errors in residential loan origination is important to residential lenders given the extremely competitive market conditions lenders face today.”
Because the appraisal data is populated automatically, lenders save approximately 10-15 minutes per loan. However, the potential time savings that users will realize is much greater than that. After an appraisal arrives, it can take several hours or even a few days before the lender’s employees have the time to enter the data into the LOS. With an automated system, those delays are eliminated. Through the use of the automated notification tools built into VirPack’s DMDS, processors, underwriters, originators, borrowers and any other parties to the transaction can be instantly notified that the appraisal has arrived and access the appraisal document where permitted. This reduces time wasted on phone calls and messaging and improves borrower, origination and processor satisfaction levels.
The VirPack-LenderX integration addresses a problem that the mortgage industry had faced for years and was unable to overcome.
“The interface solves the challenge of finding a way to get appraisals in front of processors and underwriters as quickly as possible 100 percent of the time," said Shane Martin, VP of StreetLinks Lender Solutions. “This is the first time documents don’t control the customer, and it represents a stark difference from what’s happened in the past. Our clients merely manage their appraisal order through LenderX and the appraisal document is automatically delivered into the correct VirPack Document Management folder for each loan.”