CLOUDVIRGA IS A VERIFIED SOFTWARE PARTNER TO SUPPORT NEW URLA AND FREDDIE MAC’S LOAN PRODUCT ADVISOR
IRVINE, Calif. – February 24, 2021 — Cloudvirga, a leading fintech company powering digital mortgages for America’s top lenders, announced today that its Intelligent Mortgage Platform and its Originator Point of Sale (OPOS) systems are ready to support the new Uniform Residential Loan Application (URLA) form and its updated AUS specifications. In addition, the company is now a verified software partner integrated with Freddie Mac Loan Product Advisor® (LPAsm) v5.0.06.
The new URLA form and data set are currently optional for lenders until March 1, when they become mandatory. Cloudvirga’s software can support this transition. The company will also continue to support legacy loans begun prior to the March 1 deadline. These loans can close and be purchased by Freddie Mac until their retirement date of March 1, 2022.
LPA is one of two automated underwriting systems (AUS) integrated into Cloudvirga’s OPOS. This provides lenders the ability to automatically run LPA when another AUS is selected. The automated underwriting analysis gives the Loan Officer instant feedback on the borrower’s eligibility for the loan from both AUS sources. It also delivers a home valuation estimate, a document checklist and an LPA feedback certificate automatically.
“After much preparation and anticipation, we’re excited to have reached this critical milestone both for the mortgage industry and for Cloudvirga,” said Josephine Yen, SVP, Product Management at Cloudvirga. “Freddie Mac has been a great partner and collaborator to help get us here.”
“Freddie Mac is focused on technology partnerships that automate mortgage lending processing to drive value to lenders and elevate the client experience,” said Kevin Kauffman, Single-Family Vice President, Strategic Partnerships and Integration at Freddie Mac. “The integration of Freddie Mac Loan Product Advisor into Cloudvirga’s OPOS, comes at a critical time for lenders who want the ability to easily compare all loan options and select the best path forward as quickly as possible.”
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.