has 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. Cloudvirga’s private-label, enterprise-grade platform will enable FAM mortgage advisors and their assistants to streamline the mortgage process for conventional, non-conventional and government-backed (FHA/VA/USDA) loans.
“Implementing the Cloudvirga Enterprise POS is a critical piece of our Two-X mission,” said Bill Dallas, President of Finance of America Mortgage. “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.”
The Cloudvirga Enterprise POS features an intelligent product selection engine that automatically calculates and compares various product scenarios with highly accurate fees. Other 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 GSEs’ automated underwriting systems.
“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,” said Cloudvirga Chief Customer Officer Sean McEvoy. “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.”