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.