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Technology offers a web-based, collaborative solution for paperless loan processing and document delivery
Hackensack, NJ, October 19, 2004 - PaperClip Incorporated, a leading developer of integrated document management and loan processing solutions, today announced the launch of VirtualLoanFolder.com. VirtualLoanFolder.com offers borrowers, originators, service providers and lenders an innovative paperless processing solution which includes conditions clearing, document management, workflow, and secure document delivery. VirtualLoanFolder.com is accessed securely via any Internet connection, and can be deployed to meet the needs of mortgage professionals who are looking for an easy, cost-effective and collaborative solution for paperless loan processing.
Processing loans is easy with VirtualLoanFolder.com. Users simply create electronic loan folders to store, manage and process all loan documents. This loan folder can be accessed from multiple applications and locations, enabling concurrent users to view and work in the same loan folder simultaneously. Each electronic loan folder is linked directly to the user’s current loan origination software, and can be easily identified and tracked by the loan number, borrower’s name, property address, and other key fields.
VirtualLoanFolder.com features free secure electronic document exchange services via secured email, Internet eXpress or secure fax. With VirtualLoanfolder.com, users can safely deliver and track the receipt of electronic documents. VirtualLoanFolder.com also features browser-based document scanning, intuitive drag and drop interface to upload documents directly to a folder, print to Tiff capture and barcoded scanning and fax of documents. VirtualLoanFolder also includes a powerful workflow tool which enables users to automate all aspects of loan processing from origination, to condition clearing, to post closing and investor delivery.
VirtualLoanFolder.com makes going paperless an easy, cost-effective choice. It relieves mortgage professionals from major up-front fees, enabling them instead to pay per closed loan. Per closed loan charges can be a pass through on the settlement statement to the borrower. The technology works in concert with a user’s current software systems, adding extensive document management, workflow, document imaging and paperless processing features to current systems, whether they are off-the-shelf, custom, legacy or hosted thin client applications.
VirtualLoanFolder.com can be integrated with current loan origination systems in a matter of minutes with effortless point and click integration and no programming. By working seamlessly with a company’s own applications, loan origination systems, e-mail, and fax systems, VirtualLoanFolder.com increases user acceptance and reduces the need for training and change management. In a matter of days, it enables most companies to go from paper-based loan processing to paperless processing.
“VirtualLoanFolder.com leverages PaperClip’s thirteen years of document management and six years of secure document exchange experience. Today, companies are already processing millions of documents through our products and services, connecting agents, brokers, service providers and carriers in a paperless process. We anticipate VirtualLoanFolder.com to be extremely well received by those who are looking for a hosted, transaction-based method of benefiting from our current suite of products”, explains PaperClip’s president, Mike Bridges. Mike continued, “PaperClip also provides enterprise solutions for those clients that are looking to install and host PaperClip’s solutions on their networks. This alleviates transaction fees and provides more control over system management.”
About PaperClip Incorporated.
PaperClip Incorporated develops and markets software products that organize, manage and communicate documents, images and workflow for a wide range of users. Established in 1991, PaperClip has a customer base that includes small and mid-size organizations as well as Fortune 1000 multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. For further information, please contact PaperClip at (800) 9293503 or (201) 329-6300, or visit www.PaperClip.com. Public Symbol: PCLP.
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PaperClip and PaperClip32 are registered trademarks of PaperClip Incorporated. All other named products mentioned in this release may have been identified by trademarks or registered trademarks of their respective holder.