case file: loan appraisal company
Profile
Industry:
Mortgage and Loan Technology
Needs: Software-integrated
Internet Fax Desktop Solutions
ip fax delivers versatility through integration
Overview
Venali's client provides collateral information infrastructure to the
U.S. real estate loan sector, speeding loan
decisions by converting paper to data to knowledge. With a solid reputation
serving many of the nation's largest lenders, the company's technology
solutions, data management and analytics services, and overall industry
expertise are advancing the industry by achieving a more efficient loan
origination process for all.
Typically, two numbers secure a loan: a credit score on the borrower and
a collateral number on the property.
Venali's client has tied its vision to the collateral assessment, automating
and streamlining the collateral service fulfillment process, allowing
for real-time collaboration and simultaneous processing, while at the
same time minimizing the margin for error within the process-all of which
correspond to reduced costs, increased productivity, and faster, more
informed decision making.
The company's flagship product is its Collateral Management System™.
The CMS allows lenders to automatically order, track and receive completed
services from vendors such as appraisers, title certification providers,
mortgage insurance providers, etc. The CMS is customized with each installation
to incorporate each customer's specific business rules, enabling communication
and data exchange that are integrated with legacy systems and preferred
vendors.
Beyond the CMS pipeline for streamlined lender-to-vendor communication,
Venali's client extracts value from each transaction by capturing mortgage
data and applying that data to a range of analytic applications. The company's
data operations in Carlsbad, Calif., employ Optical Character Recognition
(OCR) technologies to digitize data
pulled from paper documents, allowing institutions to eliminate paper
storage. Lenders' transaction data can be combined with or compared to
property data FNC maintains as part of the AI Residential Database, a
national database of real estate property information.
Historically, the company's target markets have included real estate lending
institutions, government agencies, vendor-management firms, mortgage servicing
companies, insurance companies and service providers, including appraisal,
flood, title, inspection and environmental engineering companies.
Located in Oxford, Mississippi, the company also has two data operations
offices in California.
Key Issues
The services offered through the company's Collateral Service Portals
(CSPs) enable CMS clients to request appraisal, title, flood, environmental
engineering, and home inspection services. Service orders are automatically
requested through the CMS, based on each client's pre-determined business
rules. The company has dedicated specific portals to each category of
service provided.
For Venali's client, the implementation of an Internet fax solution was
crucial in order to provide those clients
who requested fax functionality with efficient, cost-effective document
distribution and delivery. Previously, documents were sent by postal mail,
which took at least one day for delivery and cost approximately $10 per
mailing. The company needed a solution that would integrate seamlessly
with its collateral information infrastructure offerings, and both speed
production time and reduce administrative costs while imparting
flexibility and efficiency.
The Venali Solution
Traditional fax-based communication between certain lending institutions
and the companies that supply the proper assessment of real estate collateral
was necessary for Venali's client to fully customize a solution that met
their client's specific requests while still completing the loan process
timely, effectively and with optimal efficiency. Venali offered a cost-effective,
easy to implement, and scalable fax messaging solution for a growing user
base.
With the integration of Venali Internet Fax into the company's CMS-CSP
infrastructure, Venali's client was able to fulfill a key request; that
is, automating the required redundancy of fax alerts being sent to both
loan processors and service providers, all from within the workflow chain.
This allowed the company's clients to complete the loan process and respond
to customer requests faster - allowing for quicker mortgage turnaround-time
and increased applicant retention. As a result, CMS users cut their processing
time for mortgages more than 50%, from 21 days
to 10, facilitating substantial cost savings.
The Venali Internet Fax solution was completely
integrated within 2 weeks, providing immediate and recognizable benefits
to the company's operating cost efficiency and workflow cycle.
Business Benefits
| • | Zero capital cost, installation expenses and operating overhead |
| • | No changes to existing IT infrastructure required |
| • | A single global
IP-based fax solution is easy to deploy and implement for multiple
locations and platforms, company-wide |
| • | Infinitely scalable fax capacity without any additional hardware, software or maintenance |
| • | Company confidentiality
is enhanced with secure delivery, ensuring that only intended recipients
receive and view message content |
| • | A selection of local or toll-free in-bound numbers are availabe in major metropolitan areas |
| • | Venali Network Operations Center (NOC) is staffed 24/7 to ensure continual uptime and successful transmission of documents |
| • | Venali Account Management Center provides real-time fax reporting and administration online |
About Venali
Venali is a premier provider of innovative eMessaging solutions. Its Internet
Fax Desktop Solutions and Internet Fax Production Solutions enable companies to
improve the flow of crucial business information between customers, suppliers,
partners and employees.
Venali operations began in 1996 and have experienced rapid growth over
the past 7 years. In this time, the company has acquired an expansive
customer base of Fortune 2000 corporations across a wide range of industries,
and formed strategic alliances with industry leading software manufacturers
and telecommunications companies.
The company has corporate headquarters in Miami, Florida, and an international
office in Munich, Germany.
Contacts
www.venali.com
sales@venali.com
Phone: 1 786 276 0770
Fax: 1 305 695 4022
