True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

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Cloudvirga partners with Citizens Bank’s wholesale channel

Follows rollout of Cloudvirga's TPO program in May

On Monday, Cloudvirga announced its integration with Citizens Bank’s wholesale channel, Franklin American Mortgage Company, to combine its digital mortgage processes with point of sale software and cloud-based technology. Franklin American Mortgage Company is the nation’s largest bank-owned wholesale lender.

Through the partnership, Franklin American Mortgage aims to transform its third-party origination platform into a one-stop-shop for its broker partners, Cloudvirga said.

“In today’s wholesale environment, lenders have a responsibility to empower their brokers with the tools they need to be successful,” said Scott Tansil, executive vice president of wholesale lending at Franklin American Mortgage.

Cloudvirga rolled out its TPO program in May to accommodate the increased market share of the wholesale lending sector, which has reached almost 16% of the nation’s $2 trillion annual mortgage volume.

The platform offers brokers structured loan details for all loan products, pricing, real-time third party fees, reissuance of credit, electronic connections for income and assets, the ability to run dual AUS, issue lender disclosures and satisfy conditions digitally.

In June of 2019, Citizens Bank unveiled its digital mortgage experience, which enabled borrowers to both apply for and manage their mortgages online, as well as a home shopping portal. Now, the company is looking to increase the number of tools in customers’ hands. 

The Cloudvirga technology will allow brokers to have their own POS to grant their customers functionalities within the platform including verifying assets and income, uploading documents, collecting e-signatures and paying for appraisals.

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