Mar, 29
2018
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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Jan, 05
2018
Defense and Military, Free News Articles, Software

AccountChek by FormFree Automated Asset Report Now Accepted for VA Loans

ATHENS, Ga. -- FormFree(R) today announced that asset reports generated by its AccountChek(R) automated asset verification service meet all underwriting guidelines established by the U.S. Department of Veterans Affairs (VA) for loans guaranteed by its Loan Guaranty Service. The announcement follows the VA's December 29, 2017, release of Circular 26-17-43, which was issued in response to increasing lender interest in automated verification of borrower assets for VA loans.

AccountChek eliminates the burden of gathering asset documents for loans by letting consumers easily and securely transmit their online banking, retirement and investment account data for automated analysis. In just minutes, AccountChek delivers asset data to lenders in a standardized report along with a ReIssueKey(tm) that enables secure and streamlined sharing with the secondary market. The result is an easier, safer and more accurate process that closes loans up to 20 days faster, provides a better borrower experience and circumvents a host of common "hiccups" that plague manual asset verification.

"AccountChek completely eradicates lenders' need to track down missing statement pages, wait on deposits to clear or wait for new statement cycles to begin, which translates to substantial time and cost savings. Moreover, AccountChek greatly reduces compliance risk for all parties to the loan by removing the opportunity for human error and fraud," said FormFree CEO Brent Chandler. "Now, VA lenders and their investors can take advantage of the benefits of automated asset verification with confidence."

The circular clarifies that the VA permits lender use of third-party providers for automated asset, income and employment verification. As always, lenders bear ultimate responsibility for ensuring the accuracy of all information upon which credit underwriting decisions are based.

"This clarification should give lenders the confidence they need to extend a significant benefit to our nation's honored veterans," Chandler said. "As a veteran myself, I am proud to help make the lives of VA borrowers easier by giving them a faster, easier way to obtain a mortgage."

About FormFree(R):

FormFree is a fintech company whose market-leading AccountChek(R) reports are used by lenders nationwide to verify borrower assets, employment and income in minutes. To date, more than 1,000 U.S. lenders have ordered over a million AccountChek asset reports, delighting their customers with a paperless experience and reducing origination timelines by up to 20 days. FormFree offers automated analysis and standardized delivery to lenders and their investors using a secure ReIssueKey(tm). A HousingWire TECH100(tm) company for four consecutive years, FormFree is based in Athens, Georgia. For more information, visit https://www.formfree.com or follow FormFree on LinkedIn.

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