Partnership aims to streamline document processing for mortgage applications
Mortgage technology firm LoanLogics has announced its partnership with VirPack, a provider of document management and eDelivery services for the mortgage industry.
The partnership leverages the integration between LoanLogics IDEA platform and VirPack’s virtual document management and automated workflow platform, aiming to speed up mortgage data and document processing. The integration also intends to streamline operational workflows for lenders’ mortgage manufacturing, loan acquisition, and quality control processes.
“This partnership will strengthen both of our offerings. We are pleased to deliver the industry-leading technology that our customers expect and deserve,” said Wayland Pond, chief operating officer at VirPack. “By joining forces with LoanLogics, we are raising the bar to deliver solutions that lenders need to be competitive and achieve higher profit margins.”
LoanLogics IDEA utilizes rules-driven logic to boost workflow automation based on the risk characteristics of mortgage lenders. On the other hand, Virpack’s platform simplifies virtual document management through its file management, e-delivery, and file indexing products.
“Lenders relying on human operator indexing are plagued with document delivery issues and workflow disruptions,” said David Parker, senior vice president of product management at LoanLogics. “We pioneered an approach that effectively balances speed, accuracy and cost for our clients. Our latest advancements have allowed us to provide accurate indexing of 600-plus document types. No other vendor has the document training set we have amassed over the years, which enables our machine learning algorithms to deliver exceptional results for structured and unstructured documents.”
