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Financial services

VMP Mortgage Solutions Partners with CTX Mortgage Company to Provide Bar Code Technology-Enabled Forms

Strategic Insights

— 2 min read

CTX Mortgage Company, a subsidiary of Centex Corporation, has chosen VMP Mortgage Solutions as its provider of forms that accept bar code technology. This partnership will enable CTX to increase productivity, enhance customer service, and gain a competitive advantage in the marketplace. By integrating an imaging system and using VMP's content-based services, CTX will be able to streamline its processing and eliminate manual data entry, reducing errors and delivering time- and cost-saving benefits.

Key Takeaways:

  • CTX Mortgage Company, a non-bank-affiliated retail mortgage originator, has chosen VMP Mortgage Solutions as its provider of forms that accept bar code technology.
  • VMP's content-based services include a forms library service and a custom design service, which provides electronic documents tailored to lenders' needs in appearance and functionality.
  • VMP's documents can be modified with various elements, including specific verbiage, corporate logos, and data fields that accept bar code images.
  • CTX will use its new imaging system to program bar codes to identify specific loan information, such as document type, loan number, or borrower's name.
  • When the bar codes on printed forms are scanned, the relevant indexing field is automatically populated, eliminating the need for manual data entry.
  • VMP's I-32 Forms Solutions component can call data from databases and apply it to the form fields, including bar code fields.
  • This partnership will enable CTX to increase productivity, enhance customer service, and gain a competitive advantage in the marketplace.
  • VMP has provided CTX with electronic versions of its mortgage lending documents for over a decade.
  • Thomas E. Tuohy, executive vice president and chief information officer for CTX, stated, "We've trusted VMP's content for a long time, and we wanted to continue to do so."
  • VMP collaborates with lenders to help them achieve their goals of delivering quality customer experience.

Statistics:

  • CTX Mortgage Company originates approximately $15 billion of loans annually.
  • CTX has more than 225 offices and is licensed to do business in 48 states.
  • VMP Mortgage Solutions has been providing the mortgage lending industry and government agencies with leading-edge technology and forms solutions for over 35 years.
  • VMP's software, documents, training, and support services help institutions be more productive, work more efficiently, and grow their businesses.
  • VMP's solutions are used by more than 12,000 financial institutions, including banks, credit unions, finance companies, mutual fund companies, and brokerage firms.

Sources:

  • Press release from VMP Mortgage Solutions, March 16.
  • Information from the CTX Mortgage Company website (http://www.ctxmort.com/).
  • Information from the VMP Mortgage Solutions website (http://www.vmpmtg.com/).
  • Information from the Bankers Systems website (http://www.bankerssystems.com/).

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