|Data-Vision Opens Virtual Mortgage Folder
Electronic Binder for Mortgage Processing Documents
MISHAWAKA, Ind., Jan. 28 /PRNewswire/ -- Data-Vision, Inc., a financial technology leader, is rolling out its Virtual Mortgage Folder, an electronic binder for mortgage processing documents and related communications.
In the initial stage beginning Feb. 4, participants in the mortgage origination process -- such as banks, credit unions, brokers and wholesalers -- can transmit any type of file through the Virtual Mortgage Folder. Files can be transmitted in a variety of formats such as .pdf (portable document format) and .pcl (printer control language). In the second stage of launch this spring, participants will have two-way ability to exchange documents through the Folder, which will have significantly more capacity than traditional paper-based processing and closing packages.
The Virtual Mortgage Folder, part of RemoteDocs.com, Data-Vision's Web-based document delivery system, will contain a message area where any loan communication may be shared with access limited to those personnel permitted to view them.
"The way it works now, all parties involved in a loan origination have their own, segregated lines of communication," explained company Vice President John Dempsey. "So, if a broker checks on the status of a loan with the lender, he must then relay that information to the borrower."
As a result, he noted, "When multiple parties want to stay informed about a loan file, multiple calls and/or emails are needed."
However, with the Virtual Mortgage Folder, "All parties communicate through a central location. Documents, messages and files are available to all parties with the proper authorization," Dempsey said.
When fully implemented this spring, the Folder can contain any number of files: origination/processing documents, messages, data files, etc., including items typically part of the closing process.
Participants will be supported by the company's live customer service, available through midnight (EST) each working day, as well as having Data-Vision's ongoing penetration analysis and SAS 70 oversight, which allows customers to use Data-Vision's audits of internal controls.
"The average client will be able to transmit their closing documents at about half the cost of previous delivery methods," said Randy Schmidt, Data-Vision president.
Among its ancillary features, the Virtual Mortgage Folder will allow assembly of secondary documents necessary for a closing in one central file location for exchange electronically at the discretion of the lending institution.