Virtual Loan Folder™
Virtual Loan Folder™ is an all-inclusive document management and document delivery solution, which brokers, loan officers, and/or loan processors can leverage as a web-based solution installed locally on a server or accessed as a hosted web-based service.
Virtual Loan Folder™ works seamlessly with a user's current loan origination system, whether it is an off-the-shelf, custom, or host-based green screen application. Accessed via any Internet or intranet connection, it adds extensive functionality to current applications, providing a complete imaging and document management solution for the desktop, the departmental work group, or the entire organization. Virtual Loan Folder™ is integrated in minutes with effortless point and click integration and no programming.
Paperless document management - the easy way
Users start by creating an online loan folder in Virtual Loan Folder™ to store, manage and process all loan documents. Each web-based loan folder is linked directly to the user's current loan origination software, and can be easily identified and tracked by the loan number, client's name, social security number, address, and other key fields.
Convenient access to data
As with paper loan folders, the online loan folder becomes the central repository for all documents. This central repository can be accessed from multiple applications and locations, enabling concurrent users to access and work in the same loan folder simultaneously.
Now, instead of printing electronic documents, loan documents are maintained in their original digital format, effortlessly transforming a traditionally paper-based process into a paperless one. That is, when a fax comes in, it is electronically routed to the intended electronic loan file without ever being printed. E-mails and electronic documents are easily filed, and paper documents are quickly scanned to produce a digital replica.
Loan status at a glance
Upon creation of a loan file, Virtual Loan Folder™ instantly tracks the status of loan documents, providing easy-to-access information every step of the way. Lock confirmation e-mails, credit reports, closing packages, fax appraisals, scanned bank account statements, and all other documents are efficiently tracked and clearly identified in the electronic file folder.
No more incomplete files
Virtual Loan Folder™ provides an intuitive, staged approach that ensures that required documents are submitted, processed, validated and approved before the loan is closed. At first, documents are received from multiple sources, and are automatically placed in the appropriate electronic loan folder and labeled as "Received". Instead of a serial process of routing a document from one entity to the next, permitted users have concurrent and instant access to all loan documents electronically and can search, retrieve, and review documents from within this repository.
Once a document meets required criteria, authorized personnel can change the status of the document to "Approved". This process continues until each required document passes pre-set criteria necessary to transition the loan file from origination to processing, to validation, and underwriting.
Archiving made easy
Whether or not a loan was originated and processed electronically, Virtual Loan Folder™ provides the tools to securely and efficiently store signed closing documents. The technology eliminates the need for costly storage and cumbersome document retrieval.
An investment that quickly pays for itself
Document delivery costs are reduced by at least 75 percent compared to standard courier fees
Eliminates paper costs, including copying, faxing, shipping and archiving
Reduces the time to process new business
Eliminates costly paper archiving and the associated retrieval challenges
Efficiency that generates results
Enables concurrent user access for collaborative document processing
Puts an end to lost, misfiled, or misrouted documents
Enables users to follow the same workflow steps regardless of selected document delivery method
Ends the submission of incomplete documents
Dramatically improves customer service
Ensures user acceptance thanks to ease of use
Helps comply with information privacy acts
