The technology utilized, vmpdelivers and RAKIS Document Control and Production System, was developed by VMP Mortgage Forms of Fraser, Mich.
"Since our mortgage origination system can be deployed directly over the Internet through a browser, security and document delivery options were key issues for us," said John Crowley, vice president of product strategy at ALLTEL Information Services. "VMP's technology offers the security and flexible document delivery capabilities we need."
Unlike customary e-mail, which provides little or no security, vmpdelivers compresses and encrypts document packages and posts them directly to a document hub, which ensures a secure, virus-free transmission. After loan documents are posted, the system sends recipients an e-mail to notify them the package is ready for retrieval. Using a Web browser and password, recipients log on and download the package in a highly secure environment.
"The vmpdelivers system and ALLTEL's origination products are an ideal complement of technology and efficiency," said Norman Tononi, general manager of VMP Mortgage Forms. "ALLTEL users will greatly benefit from the pairing of these products."
VMP Mortgage Forms, a business unit of Bankers Systems Inc., has been providing the mortgage lending industry and government agencies with leading-edge electronic solutions for more than 35 years.
Forty-seven of the top 50 U.S. banks rely on ALLTEL's products and services. ALLTEL provides loan-servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion. More than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications. ALLTEL is the leading provider of deposit solutions in the United States. More than 108 million deposit accounts worldwide are processed on the ALLTEL deposit systems. ALLTEL products are available through application service provider, centralized/distributed application management, facilities management, infrastructure management and software license delivery models.
ALLTEL, with more than 12 million communications customers and more than $7.5 billion in annual revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 26 states and provides information services to telecommunications, financial and mortgage clients in more than 50 countries.