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ServiceLink's EXOS Express Pass technology is now integrated with Cloudvirga's Digital Mortgage Platform, giving lenders the ability to receive title complexity decisions within seconds for refinance loans, according to a press release.
ServiceLink states that EXOS Express Pass can help lenders cut days from their origination timeline by receiving an optimized clear-to-close path within seconds. This enables operators and fulfillment leaders to allocate resources more efficiently, prioritize loans based on complexity and improve consumer transparency by providing access to various parts of the lending process that had previously been offline, according to the release.
"2020 brought with it record high originations, historic low mortgage rates and hyper-demand for our lender partners and their businesses. Cloudvirga lenders who leverage EXOS Express Pass will be better equipped to keep pace with this demand and deliver the seamless digital mortgage experience borrowers expect, all while more effectively managing their pipelines," said Daniel Akiva, co-chief executive officer at Cloudvirga.
According to ServiceLink this integration also benefits borrowers by giving them a more definitive clear-to-close timeline early on in the loan process to better prepare for closing while reducing the risk of delays.
"While the self-service, digital mortgage application process is becoming commonplace in the mortgage industry, the path to close has remained largely unchanged for the past 30 years," said Kiran Vattem, executive vice president, chief digital and technology officer at ServiceLink. "New challenges brought on by COVID-19 have put back into focus the importance of streamlining origination processes. With EXOS, we're focused on driving efficiency and transparency for lenders and borrowers, eliminating guesswork and ultimately, driving more closed loans with less effort."
