VirPack not only has improved its end-to-end paperless loan process solution, it will be contributing to a program that replants trees in the country's national and state forests.
The Vienna, Va.-based company has unveiled Enterprise Center 2.0, which can be used in both the wholesale and retail lending environments.
The mortgage originator is able to submit the package, which in company parlance is also called a VirPack (short for virtual package) through one of five methods, including the newest one, a secure and lender-branded Web portal, explained Wayland Pond, vice president of sales and marketing.
"A lot of our clients wanted a forward-facing secure portal, branded with their logo for their brokers and third-party originators to do business with them.
"What their needs were is to have initial loan submissions come through the portal as well as conditions, and have those two types of content identified and routed to the appropriate workflow queue," he said. The appropriate individual or team is notified so they can work on the file.
The system allows for multiple methods for bringing content in "and that is so critical in a market where you have different originators, different origination processes, from lender-to-lender," he said.
EC 2.0 allows for the processing and underwriting of a loan in without paper. Among the enhancements is a proprietary tasking and workflow module with a rules engine that drives this entire process, called TaskQ, he said.
In the traditional paper environment, a loan file goes from desk-to-desk, department-to-department during the origination process. "In EC 2.0, the VirPack can be tasked within our system from person-to-person or desk-to-desk," Pond said.
There is also a detailed reporting feature which allows management to measure a task's duration and performance.
Thus they can identify any potential bottlenecks in the process and focus on improving those areas.
Another feature builds on the company's legacy. In 2004, Pond noted, the company had the first electronic delivery of an imaged loan file between a correspondent lender and the secondary market.
Now, EC 2.0 offers pre-investor delivery loan validation. A loan level audit is performed, checking to make sure investor required documents are present in the loan file before it is sent on. It puts an extra layer of quality control that prevents originators from submitting files with missing documents.
This also came from a request from VirPack's customers, looking to avoid being placed on investors' poor performers lists. So this function eliminates suspense items in the file, reducing turn-times, he said.
Finally, EC 2.0 adds new functionality to the program's viewing interface. It has been redesigned with a new content indicator added. On an individual user basis, someone who is working on the file can track what content in the file is new since he or she last worked on it or viewed it.
It is important, he said, as a control for versioning of documents and for underwriters to track what has been added to a file by the originator or processor.
This feature also tracks when the documents were added to the file. So there is a history function, which shows the date, the time and user who puts a page or document into the file. There is also a complete task history available as well, Pond said.
The company is using the introduction of EC 2.0 to launch its new brand and website. The new logo has four simple triangles that represents a secure package and each step of the mortgage process. Its new tagline is "Paperless Evolved," and there is more functionality on the website.
Plus, VirPack has entered into a program with the Arbor Day Foundation. For one calendar year, it will plant one tree for every 10,000 pages imaged by its clients.
To start things off, it has already donated 2,000 trees. The U.S. Forest Service will determine the forests and areas where the need is most critical.
