Mortgage point-of-sale (POS) software provider Cloudvirga recently launched single-click submission of loan data to Freddie Mac’s and Fannie Mae’s automated underwriting systems.
The dual-AUS submission and review process, which was developed in collaboration with Freddie Mac, allows lenders to maximize loan fungibility in the secondary market and improve loan quality through automation, Cloiudvirga says in a release.
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,” says Kyle Kamrooz, co-founder of Cloudvirga.
Running loan data through both AUSs up front allows loan officers to identify opportunities to help borrowers save money and close loans faster.
For example, a loan may not qualify for an automated appraisal waiver from both GSEs. Avoiding the need for an appraisal can save borrowers anywhere from $300 to over $1,000 and shorten loan cycle times by days or weeks.
Dual-AUS submission will ensure loan officers have a full picture of the options available for their borrowers and can provide the best borrower experience, Cloudvirga says.
The functionality will be available to Cloudvirga customers with Freddie Mac Loan Product Advisor’s 4.8 release.
Loan Product Advisor 4.8 also adds new support for automated validation of borrower asset and income data.