Digital mortgage point-of-sale software provider Cloudvirga announced Thursday it has launched single-click submission of loan data to both GSEs’ automated underwriting systems in a new collaboration with Freddie Mac.
The effort delivers on the industry need for greater transactional ease, Cloudvirga said in a press release.
“We’re empowering loan officers and back-office teams with data and augmented intelligence and making it effortless to deliver the best possible borrower experience while maximizing loan performance in the secondary market,” Cloudvirga Co-founder Kyle Kamrooz said.
The company explained that the dual-AUS submission and review process allows lenders to maximize loan fungibility in the secondary market and improve loan quality through automation.
It works behind the scenes to automate review of each GSEs’ AUS’ findings report and then applies rules-based logic and predictive analytics to determine the best path for a loan without adding manual review tasks or interfering with a loan team’s preferred origination workflow, the company said.
By running loan data through both AUSs up front, loan officers are able to identify opportunities to help borrowers save money and close loans faster, the company explained.
For example, a loan may not qualify for an automated appraisal waiver from both GSEs. Cutting out the need for an appraisal can save borrowers anywhere from $300 to more than a thousand dollars and cut loan cycle times by days or weeks, Cloudvirga explained in a press release.
The company added that the Dual-AUS submission will ensure loan officers have a full picture of the options available for their borrowers and can provide the best borrower experience.
“Freddie Mac is committed to helping all lenders maximize loan fungibility while maintaining transactional ease, reducing origination costs and improving the borrower experience,” said Rick Lang, vice president of Freddie Mac’s Loan Advisor Suite strategy and integration for the Single-Family business. “We’re confident Cloudvirga’s ‘AUS agnostic’ submission will demonstrate that selecting Loan Product Advisor on a per-loan basis will add value for both lenders and borrowers.”
When can Cloudvirga users begin to use this? The company said the functionality will be available to its customers with Freddie Mac Loan Product Advisor’s 4.8 release, adding that version 4.8 will now provide support to its users for automated validation of borrower asset and income data.