CLOUDVIRGA APPROVED AS A FANNIE MAE VENDOR FOR THE REDESIGNED URLA FORM 1003 AND DU SPECIFICATION
IRVINE, Calif. – February 16, 2021 —
Cloudvirga, a leading fintech company powering digital mortgages for America’s top lenders, announced today that Fannie Mae has approved the Company and its Originator Point of Sale (OPOS) system to support the redesigned Uniform Residential Loan Application (URLA)/Fannie Mae Form 1003 and the Desktop Underwriter® (DU®) specification (DU Spec).
Using the redesigned Form 1003 and submitting the corresponding loan application file based on the new DU Spec is currently optional for lenders until March 1, when they become mandatory for new loans. Cloudvirga’s software can support this transition. The company will also continue to support loans started prior to the March 1 deadline in the legacy file format. These loans can close and be purchased by Fannie Mae until retirement of the legacy Form 1003 and legacy file format on March 1, 2022.
As part of automated underwriting services (AUS) in Cloudvirga’s OPOS system, DU helps lenders establish a home loan’s eligibility for sale and delivery to Fannie Mae.
“Cloudvirga is very proud to have reached this milestone and is well positioned to continue to serve our customers,” said Jason Sitzman, vice president of product management at Cloudvirga. “We’re grateful to Fannie Mae and their continued partnership.”
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 $100 billion in loans annually and is used by ten of the country’s top 40 mortgage originators. For more information, visit www.cloudvirga.com.