Visionet Systems Announces Automated, On-Demand, Push Button Residential Mortgage Lien Release Offering

    /24-7PressRelease/ - CRANBURY, NJ, September 01, 2005 - VisiRelease, the leading residential mortgage lien release and assignment software, now offers an automated way to replace the decades old laborious and tedious process of residential release preparation.

The common practice in the industry is to start preparing the lien release when the loan is paid off. The staff scrambles for the documents, searches the databases and a race begins to beat the deadlines set by various jurisdictions. This problem becomes acute during peek payoff periods. This reactive approach to doing business forces mortgage companies to sign expensive outsourcing contracts to handle the sudden jump in pay-off volumes.

Visionet has come up with a creative solution that embeds a streamlined methodology into our VisiRelease application to do the ground work upfront - right when the loan is originated or boarded into a servicing system. Visionet uses a combination of data extraction proprietary OCR tools and dictionaries to populate the necessary data for release processing. This reduces cycle times and significantly lowers cost of payoff processing. Visionet's field proven VisiRelease product works in unison with a streamlined, best practices process and auxiliary support tools allows for "Push Button" execution. It eliminates the need to scramble, hire staff to do the research, track documents, pay out-of-compliance fines or pay hefty spot fees to outsourcers.

"We are providing mortgage bankers a way out of expensive servicing arrangements through a paradigm shift in the way our industry performs lien release and assignments. VisiRelease takes the cue from the servicing system to process the release - when needed. All a customer needs to do is sign and mail the documents/checks. The rest is all done automatically," said Arshad Masood, President Visionet Systems.

ABOUT VISIONET SYSTEMS INC.
Visionet has spent the last decade working with the top mortgage companies in the country, building various mortgage industry-specific products and solutions. In addition to VisiRelease, Visionet products include production lead management, product recommendation engines, channel and broker profitability, post-close compliance automation, loan boarding and special loan setup, escrow float and shortage management, repurchase management, default risk analysis, loss estimation and tracking and REO.

CONTACT:
Arshad Masood
Visionet Systems Inc.
609-452-0700 Ext. 1119
[email protected]
http://www.visionetsystems.com

# # #