IRVINE,
Calif., March 12, 2024 /PRNewswire/
-- Cloudvirga, a leading provider of digital mortgage
point-of-sale platforms, announced today that it has expanded its
integration with Informative Research, a leading technology
platform that delivers data-driven solutions to the lending
community. Through the expanded integration, originators on
Cloudvirga's Horizon Platform and Horizon TPO can now access
Informative Research's Verification of Employment (VOE) and
Verification of Income (VOI) data and analytics.
Verifying employment and income is frequently a stumbling block
for lenders since not all electronic verification providers have
access to the consumer data needed for a comprehensive VOE/VOI
report. As a result, working with multiple providers can be useful
but only if there is an automated and efficient process to do so.
The Informative Research integration allows originators to create
multiple configurable waterfalls with an unlimited number of
VOE/VOI providers defined per waterfall within the Horizon
Platform. If one provider is unable to provide a comprehensive
verification report due to lack of data, it falls to the next
provider on the list. This provides an efficient, cascading process
that continues until the requisite information is delivered.
By creating a waterfall of providers, originators can ensure
they're receiving the most accurate and complete VOE/VOI package.
Originators will receive an in-depth transaction report of which
providers were able to fulfill their requests and the full VOE/VOI
results can be delivered to the originator within seconds.
The data within this package is then automatically pre-populated in
the loan file and can be delivered to underwriting, significantly
streamlining the application process. This eliminates the
need to request employment and income documentation from borrowers
thereby saving time, reducing costs, and improving the overall
experience for both the borrower and the originator.
"Verification of employment and income can be a time-consuming
and often complex step in the origination process. Originators
often have to wait for borrowers to collect documents and submit
pay stubs, W2s, etc., or rely on providers that often have a lower
hit rate because they don't have access to all the necessary data,"
said Maria Moskver, CEO of Cloudvirga. "Our new integration with
Informative Research's Verification Platform means that originators
can ensure they're getting the most complete and accurate data on a
borrower's employment and income in seconds, further accelerating
their underwriting processes."
About Informative Research
Informative Research, a
Stewart company, is a leading technology platform that delivers
data-driven solutions to the lending community. The solutions
provider currently serves over 3,000 mortgage companies, banks, and
lenders throughout the United
States. The company is recognized for streamlining the loan
process with their straightforward service model, progressive
solutions, and cutting-edge technology. To learn more
visit https://www.informativeresearch.com
About Cloudvirga
Cloudvirga is a leading provider of
digital mortgage point-of-sale platforms. With a focus on
streamlining the loan origination process, Cloudvirga solutions are
designed to enhance efficiency and accuracy in the mortgage
industry. The company's commitment to continuous improvement and
innovation has positioned it as a trusted partner for mortgage
lenders and brokers across the nation. Cloudvirga is a subsidiary
of Stewart Information Services Corporation (NYSE:STC), a
customer-focused, global title insurance and real estate services
company. For more information, visit www.cloudvirga.com
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SOURCE Cloudvirga