Visionet announced its ability to deliver complete and accurate HUD-1 statements in less than 30 minutes using proprietary technology. The company said this 30-minute window applies to even the most complex HUD-1 statements and includes automated processing as well as a full manual review, delivering accuracy of 99.9 percent.

Basic HUD-1 documents can be prepared in approximately five minutes, the company said. Visionet accurately processes 30,000 HUD-1 documents each month.

Visionet leverages technology to generate HUD-1 settlements by interpreting lenders’ closing instructions, verifies the accuracy of all fee calculations, and ensures that they incorporate data from the Good Faith Estimate (GFE). In minutes, AutoHUD provides most of the information required to prepare accurate closing documents.

Visionet offers seamless integration with customers’ HUD preparation systems. All of its web interfaces are user-friendly and provide tools for viewing and editing HUD documents.

“We couple cutting-edge technologies and a highly qualified team to create a new standard for HUD preparation. Thirty minutes is the new standard that the financial services industry is demanding, without compromising quality,” said Bill Welge, principal, mortgage solutions at Visionet. “We are excited about our HUD technology; it rounds out Visionet’s line of settlement solutions, covering pre- and post-closing review, nationwide recording services and policy preparation for a truly seamless process.”

Cranbury, N.J.-based Visionet Systems is a full service mortgage consulting and business process outsourcing company. Visionet Systems helps lenders identify solutions to improve profitability through removing inefficient business processes and technologies. Founded in 1995, the company’s customers include mortgage bankers and servicers.