Cloudvirga, a digital mortgage point-of-sale (POS) software provider, recently announced that Finance of America Mortgage (FAM) will deploy the Cloudvirga Enterprise POS as its digital mortgage platform.
FAM is a full-service mortgage banker that employs more than 1,400 mortgage advisors nationwide and originates more than $13 billion in annual loan volume, according to a press release. Cloudvirga’s private-label platform is designed to enable mortgage advisors and their assistants to streamline the mortgage process for conventional, non-conventional and government-backed (FHA/VA/USDA) loans.
The Cloudvirga Enterprise POS features a product selection engine that automatically calculates and compares various product scenarios with highly accurate fees. Other cost-saving features of the platform include rate-locking with a built-in concessions workflow, automated loan disclosure generation for all loan products and instantaneous submission of loan files to both Fannie Mae and Freddie Mac’s automated underwriting systems.
“Implementing the Cloudvirga Enterprise POS is a critical piece of our Two-X mission,” Finance of America Mortgage President Bill Dallas said in the release. “Two-X is our promise to create an environment – including the tools, resources and support – for mortgage advisors to double loan production. We believe a more efficient, reimagined digital mortgage will enable our mortgage advisors to achieve the goal of doubling production and transform the mortgage experience for clients and referral partners. Cloudvirga is an ideal partner for this effort, and we’re very pleased with our progress thus far.”
“Cloudvirga has an unmatched understanding of how to digitally manufacture a loan, and our award-winning product team is devoted to automating-out inefficiency at every step in the process,” Cloudvirga Chief Customer Officer Sean McEvoy said. “The result is truly groundbreaking software that enables a leading lender like Finance of America Mortgage to ‘wow’ customers and loan officers alike while delivering unmatched cost savings.”