Cloudvirga Accelerates Growth and Adds Marquee Clients In 2nd Half Of 2020
IRVINE, Calif. – January 12, 2020 —
Company Saw 2X Revenue Growth
3X Application Growth
New Retail and Wholesale Client Wins
IRVINE, Calif., Jan. 12, 2021 /PRNewswire/ — Cloudvirga (the “Company”), a leading fintech company powering digital mortgages for America’s top lenders, today provided a business update of its strong 2020 performance and outlook for 2021, projecting continued growth acceleration this year.
Specifically, the Company reported that:
- Revenues doubled in 2020 and that it expects similar growth in 2021.
- Application volume increased by more than 300 percent in 2020.
- Added two new Wholesale Lenders in the fourth quarter. These clients are in addition to Finance of America and Citizens Bank, which previously announced their integrations in 2020.
- Signed four new Retail Lenders, including two of which are doing more than $600 million in monthly loan volume.
- Extremely robust pipeline for both platforms will continue to drive growth for 2021.
Commenting on its strong performance, co-founder, Kyle Kamrooz, said: “2020 was a year of phenomenal growth for Cloudvirga and our clients. Our retail digital point of sale (POS) platform enabled our clients to work remotely and, at the same time, set new records for originations while empowering loan officers to a whole new level: Witness the 300 percent growth in our application volume. In addition, the superior functionality and productivity of our retail platform also attracted new clients, who otherwise were on other digital solutions.
“At mid-year, we launched our new Cloudvirga TPO platform to transform the way large wholesale lenders work and collaborate with their broker partners. The TPO platform automates a lender’s wholesale origination workflow and provides private-label point of sale solutions to the lender’s brokers. Using the new platform, brokers get their own POS, can compare products and pricing, upload or create loan files, run dual AUS, prepare disclosures, order products and submit underwriter-ready loan packages—all in less than 10 minutes. Four leading wholesalers are currently implementing this solution.
“Wholesale lenders need to level the playing field as lenders like UWM keep dominating. These lenders are realizing technology has to be at the core of any growth strategy to compete in the rapidly growing wholesale channel.
“In 2021, we expect the trends that fueled our growth last year—low interest rates, lenders wanting to diversify into other channels, and competition in the TPO space—will not only continue, but accelerate. We expect 2021 to be another record year.”
Cloudvirga is a digital mortgage platform giving consumers and lenders a world-class customer experience from application to closing. Lenders can automate workflows radically cut costs, increase transparency, and reduce closing times. Consumers can manage their loan from any device using data connections and not paperwork. Cloudvirga technology powers nearly $200 billion in loans annually and is used by ten of the country’s top 20 mortgage originators. For more information, visit www.cloudvirga.com.