Introduction

 

What is a transaction management system, and why do I need one?

A good transaction management system enables you to manage and organize all transaction documents in digital form so that you have remote  access to those documents anytime.  This allows you to easily forward documents, and permits others to access those documents online allowing them to  stay on top of key dates, and  to quickly order services  from your preferred vendors.   A good system also gives you communications and notification tools so that you have each transaction's status at your fingertips.  

 

If I use your fax services, why should I also use the TMS?

By using the TMS Document In-Box, you can quickly and easily move received faxes directly into the correct transaction and document folders.  For instance, you can move a fax from your Document In-Box directly into "Transaction 2450 Marylee Street - Escrow Documents Folder". 

 

This allows you to efficiently organize all your transaction documents so that you can quickly find any faxed document from any computer that has Internet access. Moreover, you can easily forward any document via email or via fax straight from the Document In-Box or from within any transaction folder. In addition, with our fax service, you can further automate the organizing of received faxes by using our barcode faxing technology and at the end of the transaction, when the deal closes, you can easily burn a CD-Rom or DVD with all of your transaction documents for both your own records and as a professional courtesy for your clients. Virtual Office Builder makes our digital faxing solution the best available digital faxing service for real estate professionals.

 

Vendor Management

Can my transaction vendors upload documents directly into the transaction file?
Yes.  Each of your vendors has access to their own secure site where they can not only upload documents directly into your transaction files, but also see the details of the document request orders you have sent them.

Is there a cost for vendors to use the systems?
No.  The Transaction Management System is free for your vendors. All vendors will be able to receive order requests and upload documents to the system for you to access.

Must vendors directly upload documents, or can they fax the documents to the transaction file?
They have the option to use either method.  Many vendors already convert their documents .pdf files, so they can upload the documents directly into the transaction file.  The vendor can also generate a barcode coversheet and fax the document straight into the transaction file, or simply fax the documents without the bar code cover sheet  to your toll free number.  It will then be delivered to your Document In-Box or via email, depending how you want it delivered.

I want to continue to work with my preferred vendors.  Can any vendor use the service? 
Yes, any of your preferred vendors can use the system to receive and satisfy orders you make. In fact, your relationship with your vendors can be strengthened because by the system will enable them to do their job better and more efficiently.
 

Loan Application and Credit Report

 

Can I allow a buyer to complete a loan application and order a credit report even if I don't want to do the loan?
Yes.  If you are a real estate agent and don't do loans, your buyer can still complete a loan application and order credit online through the buyer's secure client login. 

 

How do I get the completed loan application and credit report to my preferred mortgage broker?

It depends.  If the mortgage broker is a subscriber to the Virtual Office Builder for lenders,  then your client just gives the mortgage broker access rights to the documents, including the digital loan application file and an XML credit report file.    Access rights can also be given to other important loan file documents, including purchase contract, escrow instructions, and title report.  

 

If the mortgage broker is not a subscriber, then your client can invite the mortgage broker to view and download the .pdf documents.

 

Communications Manager

Can I receive a text message or email when an appraisal comes in or a key date has changed?
Yes. Our proprietary notification system allows you to be notified via text message and/or email when an important event in the transaction is about to occur or has already occurred. You can customize your notification preferences within the system.

Can I send messages through your system to somebody who is not using the system and still keep a running history of the email /message thread?
Yes.

 

Miscellaneous

How can I set up my listings on the service so that I can keep track of them?
You can set up both sale and lease listings. You can also generate reports to see how many listings you have, how long each has been active, how long before they turn to purchase or lease transactions, etc.

How long does it take to setup a real estate purchase transaction?
Assuming you have already set up your default or favorite vendors, and assuming you have all relevant transaction information in front of you, you can set up a purchase transaction and order vendor services in a few minutes.

When a client is setup, does some of the redundant data populate the other documents?
Yes. For example, if you are a real estate agent representing a buyer, and the buyer uses a mortgage company who is also using the system, the purchase price, borrower’s name, the subject property address, etc. will automatically populate the loan application. Plus, if you had pulled a credit report on the buyer when shopping for homes, the credit report will automatically fill out the liabilities section of the loan application. Plus, the mortgage company will automatically have access to the credit report.

Do you provide compliance management, such as disclosures?
On the lending side, we automatically generate and complete Good Faith Estimate and the Truth in Lending disclosures. We also provide most state disclosures; however, we do not tell you which disclosures to use. You need to check off which disclosures you want generated.