VisiRelease Helps Lenders 'In-Source' Lien Releases
VisiRelease, mortgage lien release, conveyance and assignment software provided by Visionet Systems, is enabling lenders to "in-source" instead of outsourcing.
For the conveyance department, the clock starts ticking when the loan pays off, the company explained.
Documents must be retrieved from the custodian, releases must be prepared, signed and witnessed, checks for recording fees prepared and the final package must be sent out in no more than 10 days in some states. The current process is mostly manual or semi-automatic, according to Visionet. A team of 25 people handling 15,000 releases a month is the norm. A refinancing boom can create acute strain on the system.
VisiRelease is a workflow, rules and task management Web application, the company said. The system minimizes out-of-compliance incidents through exception-based management.
"VisiRelease is designed to process releases in an automated way and customers are only prompted to take action when an exception occurs. Therefore, boosting lien release productivity up to 40%," said Eric Finver, vice president of sales at Visionet Systems Inc. "As such, customers need to look at all options before taking the brute offshore outsourcing route."
The architecture of the system allows companies to manage multiple teams at different locations from a single executive dashboard.
Arshad Masood, co-founder and president of Visionet Systems, told Mortgage Servicing News that the company's practice is to develop software with three clients in place before offering it to the industry at large. He says the mortgage industry is "10 years behind" the insurance brokerage industry, where he used to work, when it comes to automation.
Using the VisiRelease software, Mr. Masood said he can comfortably say that a lender can manage 10,000 lien releases per month with a staff of just six or seven people.
"The way we differentiate ourselves from the rest is that these products are built with MSP and Fiserv in mind, so they really fit like a glove," he said. "And they are designed from the ground up for automation."
He said the lien release process lends itself to automation because it relies heavily on data rather than pure documents. Anything data-related could be automated, he said. As electronic signatures and electronic recording gain steam, that will allow additional automation of the process.
That has allowed clients to move the lien release process in-house, the company said. Companies including National City Mortgage and IndyMac Bank are already using the VisiRelease technology.
VisiRelease also provides analytics for every stage of the lien release and assignment lifecycle.
VisiRelease provides up-to-date county fee and template information via a subscription. In addition to the lien release system, Visionet provides products that help lenders manage production leads, post-closure compliance, loan boarding and special loan setup, escrow float and shortage management, prepayment risk modeling, default risk analysis, loss estimation and tracking, and REO.
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