Cloudvirga has integrated Plaid's Home Lending Report into its Tropos digital point-of-sale platform, giving mortgage lenders a new way to verify borrower income, assets, and employment through a single workflow.
The mortgage technology provider said the integration is designed to reduce reliance on multiple verification vendors while streamlining one of the most document-intensive parts of the mortgage process. By securely connecting to borrowers' financial accounts through Plaid, lenders can access verification data directly from consumers with their permission, helping reduce administrative work and improve the borrower experience.
Rather than requiring applicants to gather and upload multiple financial documents, the integration allows lenders to access verification information through Plaid's Home Lending Report, which combines income, asset and employment verification into a single report. Cloudvirga said the report is approved for use by the government-sponsored enterprises, helping lenders satisfy verification requirements while reducing underwriting friction.
The integration also builds on Cloudvirga's recently launched bank statement analysis technology, which analyzes cash-flow data to determine qualified income for borrowers with non-traditional income sources. Together, the technologies allow borrowers to securely connect their financial accounts while giving lenders access to transaction data without requiring multiple months of uploaded bank statements.
"We're focused on partnering with companies that materially improve both the lender and borrower experience, and Plaid does exactly that," Maria Moskver, CEO of Cloudvirga, said in a statement. "The depth and quality of bank data access through Plaid simplifies what has historically been one of the more complex parts of the process: income verification. For lenders, that creates an opportunity to serve a broader range of qualified borrowers with greater confidence and efficiency."
Adam Yoxtheimer, head of partnerships at Plaid, said lenders are increasingly looking for ways to reduce operational complexity while improving the digital mortgage experience.
"Plaid's integration with Cloudvirga makes that possible by reducing operational overhead for lenders, and ultimately giving borrowers more confidence in a digital lending experience through secure and seamless connectivity," Yoxtheimer said.
The announcement is another example of how automated verification continues to evolve beyond replacing paper documents. Mortgage technology providers have increasingly introduced tools that combine consumer-permissioned financial data, cash-flow analysis and automated verification to reduce manual processing while supporting a wider range of borrower profiles, including self-employed borrowers and those with non-traditional income.
