Cloudvirga Partners With Freddie Mac on Dual-AUS Submission

Apr 12, 2018

Cloudvirga has launched single-click submission of loan data to both GSEs’ automated underwriting systems (AUS) in a collaborative effort with Freddie Mac.

The dual-AUS submission and review process allows lenders to maximize loan fungibility in the secondary market and improve loan quality through automation. Cloudvirga works behind the scenes to automate review of each GSEs’ AUS’ findings report, applying 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.

“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,” said Kyle Kamrooz, Cloudvirga Co-Founder.

Dual-AUS submission will ensure that 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, Loan Advisor Suite Strategy and Integration for the Single-Family business at Freddie Mac. “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.”

The functionality will be available to Cloudvirga customers with Freddie Mac Loan Product Advisor’s 4.8 release.

About the author

NationalMortgageProfessional.com

Link copied

Published

Apr 12, 2018

C-Suite Strategies

Bed Bath & Beyond Is Buying A Mortgage Company

Retailer moves deeper into housing, mortgage, title and insurance with planned acquisition of Fathom Holdings

Bed Bath & Beyond is best known for helping consumers outfit their homes. Now, the company is making a bigger bet on helping them buy and finance them.The retailer announced plans to acquire Fathom Holdings Inc., a technology-driven real estate services platform with ope...

Regulation and Compliance

MISMO Updates Business Glossary To Support AI, eMortgages

New definitions covering eHELOCs, remote online notarization, valuation modernization, and compliance initiatives aim to improve consistency

MISMO has released an updated version of its Business Glossary, expanding standardized definitions across key areas of mortgage lending as the industry continues to adopt new technologies, digital processes, and compliance frameworks.The mortgage industry's standards organiz...