Cloudvirga Announces Expanded Integration with Informative Research's Verification Platform

Rhea-AI Summary

Cloudvirga expands integration with Informative Research to streamline employment and income verification for lenders. Originators on Cloudvirga's platforms can now access Informative Research's VOE and VOI data, improving efficiency and accuracy in the loan application process.

Financial Analyst

The integration between Cloudvirga and Informative Research represents a strategic enhancement in the digital mortgage sector aimed at optimizing the loan origination process. From a financial perspective, the ability to streamline VOE and VOI processes could lead to a reduction in the time and costs associated with loan underwriting. This efficiency gain can potentially translate into higher profit margins for lenders due to decreased operational costs and an accelerated loan cycle, which can increase the volume of loans processed.

Furthermore, the cascading verification process introduced may reduce the risk of loan defaults by improving the accuracy of borrower information. Lenders with more reliable data can make better-informed decisions, potentially leading to a more stable mortgage portfolio. This could be reflected in the valuation of companies in the mortgage origination and servicing industry, as investors often look favorably upon innovations that promise to enhance risk management and profitability.

Market Research Analyst

From a market perspective, the enhanced integration between Cloudvirga and Informative Research is indicative of a growing trend towards digital transformation in the mortgage industry. By offering a more seamless and automated VOE/VOI process, Cloudvirga positions itself competitively in the market, potentially attracting more business from lenders seeking efficiency and accuracy in loan processing.

The demand for digital mortgage solutions has been on the rise and this move could capture a significant market share by addressing a common bottleneck in the loan origination process. It is important to monitor how competitors respond to such advancements and whether they will introduce similar integrations or innovative solutions to retain or grow their customer base.

Technology Analyst

Technologically, the integration reflects an advancement in the use of data analytics and automated systems within financial services. The capability to configure multiple VOE/VOI provider waterfalls and the automatic pre-population of loan files is a significant improvement over traditional, manual processes. It demonstrates the application of sophisticated algorithms and machine learning techniques to enhance decision-making and operational efficiency.

This technology can serve as a benchmark in the industry, setting a new standard for how data is utilized in the mortgage origination process. It also highlights the importance of interoperability between different technology platforms in the financial sector, as seamless integrations can lead to substantial improvements in service delivery.

IRVINE, Calif., March 12, 2024 /PRNewswire/ -- Cloudvirga, a leading provider of digital mortgage point-of-sale platforms, announced today that it has expanded its integration with Informative Research, a leading technology platform that delivers data-driven solutions to the lending community. Through the expanded integration, originators on Cloudvirga's Horizon Platform and Horizon TPO can now access Informative Research's Verification of Employment (VOE) and Verification of Income (VOI) data and analytics.

Verifying employment and income is frequently a stumbling block for lenders since not all electronic verification providers have access to the consumer data needed for a comprehensive VOE/VOI report. As a result, working with multiple providers can be useful but only if there is an automated and efficient process to do so. The Informative Research integration allows originators to create multiple configurable waterfalls with an unlimited number of VOE/VOI providers defined per waterfall within the Horizon Platform. If one provider is unable to provide a comprehensive verification report due to lack of data, it falls to the next provider on the list. This provides an efficient, cascading process that continues until the requisite information is delivered.

By creating a waterfall of providers, originators can ensure they're receiving the most accurate and complete VOE/VOI package. Originators will receive an in-depth transaction report of which providers were able to fulfill their requests and the full VOE/VOI results can be delivered to the originator within seconds.  The data within this package is then automatically pre-populated in the loan file and can be delivered to underwriting, significantly streamlining the application process.  This eliminates the need to request employment and income documentation from borrowers thereby saving time, reducing costs, and improving the overall experience for both the borrower and the originator.

"Verification of employment and income can be a time-consuming and often complex step in the origination process. Originators often have to wait for borrowers to collect documents and submit pay stubs, W2s, etc., or rely on providers that often have a lower hit rate because they don't have access to all the necessary data," said Maria Moskver, CEO of Cloudvirga. "Our new integration with Informative Research's Verification Platform means that originators can ensure they're getting the most complete and accurate data on a borrower's employment and income in seconds, further accelerating their underwriting processes."

About Informative Research
Informative Research, a Stewart company, is a leading technology platform that delivers data-driven solutions to the lending community. The solutions provider currently serves over 3,000 mortgage companies, banks, and lenders throughout the United States. The company is recognized for streamlining the loan process with their straightforward service model, progressive solutions, and cutting-edge technology. To learn more visit https://www.informativeresearch.com

About Cloudvirga
Cloudvirga is a leading provider of digital mortgage point-of-sale platforms. With a focus on streamlining the loan origination process, Cloudvirga solutions are designed to enhance efficiency and accuracy in the mortgage industry. The company's commitment to continuous improvement and innovation has positioned it as a trusted partner for mortgage lenders and brokers across the nation. Cloudvirga is a subsidiary of Stewart Information Services Corporation (NYSE:STC), a customer-focused, global title insurance and real estate services company. For more information, visit www.cloudvirga.com

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SOURCE Cloudvirga

What does Cloudvirga announce regarding Informative Research integration?

Cloudvirga announces the expansion of its integration with Informative Research to provide originators access to Verification of Employment (VOE) and Verification of Income (VOI) data.

Why is verifying employment and income a challenge for lenders?

Verifying employment and income is a challenge for lenders as not all electronic verification providers have access to the consumer data needed for a comprehensive VOE/VOI report.

How does the Informative Research integration benefit originators on Cloudvirga's platforms?

The integration allows originators to create multiple configurable waterfalls with an unlimited number of VOE/VOI providers defined per waterfall, ensuring the most accurate and complete verification package.

What does the integration with Informative Research streamline in the loan application process?

The integration streamlines the verification of employment and income, automatically populating data in the loan file and delivering it to underwriting, saving time and reducing costs.

Who commented on the new integration with Informative Research?

Maria Moskver, CEO of Cloudvirga, commented on the new integration, highlighting its benefits in accelerating underwriting processes by providing accurate employment and income data.