When discussing how to improve turn times regarding the selling of loans to investors the topic quickly turns to paperless delivery. With investors today discouraging paper file delivery, it is becoming almost a requirement to deliver loans to them in some electronic fashion.
Most mortgage bankers end up using the individual bank's generic upload option of a non-indexed PDF file. While this method satisfies the basic requirement of a paperless file from the investor's perspective, it leaves a lot to be desired from an efficiency standpoint.
One of the many benefits of a true paperless document management solution is the ability to deliver an imaged loan file to the large banks like Wells Fargo, Chase, Citi, and Flagstar, in an indexed structure that allows the documents to flow directly into the given bank's workflow environment. This expedites the purchase process, which in turn reduces the time from delivery to purchase. Another benefit from imaged indexed delivery of the loan file is the overall reduction of the conditioned items in the loan purchase process, as documents that were misdirected in the non-index process are now correctly delivered to the proper category.
All of these features are inherently available in VCO File, our hosted electronic document management (EDM) solution, as the documents are managed in a paperless environment while the loan is built using VCO Lend, our loan origination and processing software (LOS).