Visionet Systems, a full-service mortgage consulting and business process outsourcing company, claims it can deliver complete and accurate HUD-1 statements in 30 minutes or less, regardless of statement complexity, setting a new industry standard.
The company is able to meet this 30-minute window thanks in part to its AutoHUD system. Visionet facilitates both automated processing as well as full manual review.
Basic HUD-1 documents can be prepared in approximately five minutes, the company claims.
Visionet claims AutoHUD helps speed the generation of HUD-1 settlements by interpreting lenders' closing instructions. It also verifies the accuracy of all fee calculations and ensures that data from the Good Faith Estimate is incorporated.
Visionet's technology can be readily integrated with other HUD preparation systems.
‘We couple cutting-edge technologies and a highly qualified team to create a new standard for HUD preparation,’ said Bill Welge, principal, mortgage solutions, at Visionet. ‘Thirty minutes is the new standard that the financial services industry is demanding without compromising quality.’
Cranbury, N.J.-based Visionet claims its processes 30,000 HUD-1 documents each month, achieving Six Sigma quality levels.