Business, Free News Articles, Software

Cloudvirga Adds Award-Winning Appraisal Order Management from Mercury Network to Its Digital Mortgage Point-of-Sale Platform

IRVINE, Calif. -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the Intelligent Mortgage Platform(R), today announced its completion of a fully automated, lights-out integration with Mercury Network, part of CoreLogic (NYSE: CLGX) and one of the industry's largest appraisal order management platforms. The integration makes appraisal ordering and management more efficient and compliant for Cloudvirga's lender customers, thereby reducing overall loan production costs.

Cloudvirga's intelligent appraisal engine ensures efficiency and compliance throughout the appraisal lifecycle by accurately determining which appraisal forms are required for a given property location, loan amount, loan type and loan program. The seamless integration allows Cloudvirga customers to place appraisal orders directly to Mercury Network without the lender or customer having to rekey information or leave Cloudvirga's POS platform.

Once the appraisal order is placed, appraisal documents and order statuses are automatically synced between Cloudvirga and Mercury Network, and the loan file is updated in real time. As soon as the appraisal report is complete, Cloudvirga alerts both the lender and the consumer and delivers the appraisal report via its secure portal. This unique, fully automated workflow reduces human effort while satisfying compliance requirements for appraisal delivery.

"Cloudvirga's integration with Mercury Network streamlines not just appraisal ordering, but the entire appraisal process for noticeable gains in origination efficiency," said Cloudvirga Product Manager Matt Howard. "Lenders can feel more confident than ever in the compliance of their collateral valuation thanks to Cloudvirga's careful analysis of myriad data points, including loan program details, to ensure the right appraisal forms are ordered the first time, every time."

"Mercury Network's product suite is used by almost 1,000 lenders and appraisal management companies nationwide," said Jennifer Miller, president of Mercury Network, CoreLogic. "We're proud to integrate with Cloudvirga to give our mutual customers a truly seamless integration that makes appraisal ordering and delivery faster with greater accuracy and enhanced overall lending efficiency."

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the Intelligent Mortgage Platform(R), uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn: https://www.linkedin.com/company/7577062/.

About Mercury Network: https://www.mercuryvmp.com/

REF: NYSE:CLGX / CORELOGIC RG ( NY: CLGX )

Twitter: @cloudvirga @MercuryNetwork #digitalmortgage

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Business, Free News Articles, Software

Major Update to Cloudvirga’s Enterprise Point-of-Sale Platform Raises the Digital Mortgage Bar

IRVINE, Calif. -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced a major update to the Cloudvirga Enterprise POS. New features designed to improve lender speed, compliance and productivity will make the platform's 4.0 release the most robust POS solution on the market.

Available April 2, Cloudvirga's 4.0 release is fully compatible with the latest Home Mortgage Disclosure Act (HMDA) data collection and reporting requirements.

Enhancements include:
* Enhanced Rate Locking with Built-in Concessions Workflow
Gives loan officers the unprecedented ability to submit price concession requests and receive manager approvals in real time, at the point of sale, as part of the rate-locking workflow. This automated concessions workflow, which can be configured for up to five levels of approval, enables loan officers to generate rate-lock disclosures that reflect approved concessions, eliminating the need to re-disclose later.

* Automated Income Analysis and Accurate Disclosures for Veterans' Loans
Automates the calculation of all qualifying ratios for U.S. Department of Veterans Affairs (VA) loans, including Interest Rate Reduction Refinance Loans (IRRRLs), making Cloudvirga the first mortgage POS platform to accurately calculate DTI for VA loans for accurate loan disclosure.

* Greater Lender Control Over eVerification of Assets (eVOA)
Empowers lenders to toggle on/off eVerification of borrower assets on a product-by-product basis, streamlining submission to automated underwriting systems (AUS) and ensuring borrowers' asset documentation meets individual investor and/or warehouse line requirements.

* New Mortgage Insurance and Appraisal Management Integrations
o Integrates with Arch MI and Radian for in-platform access to mortgage insurance (MI) rate quotes that are accurate down to the specific loan product.
o Introduces a robust integration with Mercury Network's award-winning appraisal order management platform.

* Automatic Loan Disclosures to Help Lenders Stay Compliant
Ensures that disclosures are auto-generated and sent digitally or by mail within three days (if the lender has not already done so) using an advanced rules engine and lender guidelines.

* Private-Label Customization for Branch Operations
Provides lenders the ability to tailor the consumer digital experience (e.g., business names, logos, messaging, disclosures and brand colors) at the corporate, branch and DBA level.

* Real-Time Compliance Checks with Prepotency(R)
Offers real-time compliance checks through PredProtect from First American Mortgage Solutions prior to generating loan disclosures, instantly identifying any potential violations in plain English so corrections may be made prior to the loan funding and providing an easy audit trail.

"Job one of any mortgage POS platform is to quickly, accurately and compliantly secure a borrower's commitment," explained Cloudvirga co-founder Kyle Kamrooz. "Our intelligent Mortgage Platform uniquely empowers loan officers and consumers and redefines what a POS can do. Cloudvirga delivers the 'one-call close' while also optimizing for downstream impacts in the mortgage factory."

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform(R), uniquely combines a world-class borrower experience with a truly automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

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Business, Free News Articles, Funding and Investment

Mortgage Automation Pioneer cloudvirga Raises $15 Million in Series B Funding

IRVINE, Calif. -- cloudvirga(SM), developer of the automated, cloud-based intelligent Mortgage Platform(R) (iMP), announced today it has raised $15 million in a series B funding round led by Incenter, a Blackstone Group portfolio company. The new funding will support cloudvirga as it scales its technology and expands its product offerings.

Cloudvirga's flagship mortgage point-of-sale (POS) system, the iMP empowers consumers to take the helm of a completely re-engineered mortgage workflow that automates the entire initial disclosures process and delivers unmatched transaction speed and efficiency to both borrowers and lenders. Central to cloudvirga's success is its ability to maintain strict regulatory compliance, reduce time to close and save lenders money by moving many traditional back-office tasks to the front of the loan process.

"Unprecedented mortgage regulation has exacerbated an already labor-intensive lending process and inconsistent consumer experience, making our solution more viable than ever," said Kyle Kamrooz, co-founder of cloudvirga. "We are thrilled to have the support of such a well-respected group of investors and look forward to continuing to shake up an antiquated industry process."

According to a key investor spokesperson, the mortgage industry is at a technological tipping point that is uniquely addressed by cloudvirga's innovation and enterprise solution. A fintech company at its core, cloudvirga launched its iMP in early 2016 and has since partnered with several mega and mid-tier lenders to process more than $15 billion in loans.

About cloudvirga(SM)
Cloudvirga is the company behind the cloud-based intelligent Mortgage Platform(R) (iMP) designed to streamline the mortgage process. The platform is digitizing the mortgage industry by leveraging data and deploying an automated workflow to reduce overall cost, increase transparency and shorten the time it takes to close a loan for both borrowers and lenders. Founded by Bill Dallas, Kyle Kamrooz and Mark Attaway, seasoned financial veterans with a proven track record of building mortgage-related technologies, cloudvirga is disrupting the antiquated mortgage industry.

For more information, visit http://www.cloudvirga.com/ or follow cloudvirga on LinkedIn at: https://www.linkedin.com/company-beta/7577062/.

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