Cloudvirga Expands Digital Mortgage Platform to Wholesale Lenders
IRVINE, Calif. – May 26, 2020 —
Cloudvirga, a leading fintech firm powering digital mortgages for America’s top lenders, today secured strategic investments from original investors to expand its retail lender platform to wholesale lenders and their brokers. This accelerates Cloudvirga’s vision to be a one-stop shop for lenders who operate in multiple channels.
Cloudvirga helped digital mortgages go mainstream in the retail channel over the past four years, and during this time, lenders’ wholesale operations serving mortgage brokers have grown market share to almost 16% of the $2 trillion in annual mortgage volume.
“We are seeing massive demand from wholesale lenders who want to give their brokers a robust TPO portal as well as a smarter mortgage from application to close,” said Mark Attaway, Co-Founder. “We are thrilled to bring Cloudvirga’s world-class mortgage experience to the wholesale and broker community.”
Finance of America, who already uses Cloudvirga to power the mortgage process for its 1500-person national retail salesforce, will now use it to power their large wholesale network that serves mortgage brokers.
Most point of sale mortgage software systems focus only on serving retail lenders, but Cloudvirga is committed to serving wholesale lenders and their brokers for two reasons:
1. Mortgage brokers need a digital mortgage they can configure to fit their individual marketing, customer service, and loan process styles—and they need this configurability from all their wholesale lenders, not just one or two.
2. If all wholesale lenders can offer a world-class digital mortgage platform , this underserved channel is poised for rapid growth after gaining 6% market share in recent years.
Cloudvirga technology powers nearly $100 billion in loans annually and is used by ten of the country’s top 40 mortgage lenders.
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.