VisiRelease Helps Lenders 'In-Source' Lien Releases.

Cranbury, NJ -- VisiRelease, mortgage lien release, conveyance and assignment software provided by Visionet Systems, is enabling lenders to "in-source" instead of outsourcing.

For the conveyance department, the clock starts ticking when the loan pays off, the company explained.

Documents must be retrieved from the custodian, releases must be prepared, signed and witnessed, checks for recording fees prepared and the final package must be sent out in no more than 10 days in some states. The current process is mostly manual or semi-automatic, according to Visionet. A team of 25 people handling 15,000 releases a month is the norm. A refinancing boom can create acute strain on the system.

VisiRelease is a workflow, rules and task management Web application, the company said. The system minimizes out-of-compliance incidents through exception-based management.

"VisiRelease is designed to process releases in an automated way and customers are only prompted to take action when an exception occurs. Therefore, boosting lien release productivity up to 40%," said Eric Finver, vice president of sales at Visionet Systems Inc. "As such, customers need to look at all options before taking the brute offshore outsourcing route."

The architecture of the system allows companies to manage multiple teams at different locations from a single executive dashboard.

Arshad Masood, co-founder and president of Visionet Systems, told Mortgage Servicing News that the company's practice is to develop software with three clients in place before offering it to the industry at large. He says the mortgage industry is "10 years behind" the ...