VirPack released a new Web portal for consumers to submit digital copies of borrower verification documents to mortgage lenders.
The McLean, Va.-based electronic document management technology developer said the new feature provides borrowers with a list of required documents based on the loan type and purpose. Borrowers can upload their documents, download lender-created documents, monitor loan status and exchange messages with lenders.
“Our aim was to develop a web portal for lenders to provide to their borrowers to reduce the time required by both the borrower and the lender during origination, loan processing and underwriting,” Cy Brinn, chief operating officer at VirPack, said in a press release.
Consumer self-service tools have been a growing area of focus for mortgage technology vendors. Web-based loan origination system providers like DH Corp.’s Mortgagebot have long offered consumer-facing tools for borrowers to fill out applications online. LOS provider Ellie Mae recently released a consumer-direct portal, as did EDM vendor Kofax. In the servicing side of the industry, Fiserv launched a consumer-direct loss mitigation portal earlier this year.