Cloudvirga, a provider of digital mortgage point-of-sale (POS) software, has upgraded its Enterprise POS with new features designed to improve lender speed, compliance and productivity.
As per a company press release, version 4.0 includes the following enhancements, some of which the company claims are the first of their kind:
Enhanced rate locking with built-in concessions workflow: This gives loan officers the ability to submit price concession requests and receive manager approvals in real time, at the point of sale, as part of the rate-locking workflow. This automated concessions workflow, which can be configured for up to five levels of approval, enables loan officers to generate rate-lock disclosures that reflect approved concessions, eliminating the need to re-disclose later.
Automated income analysis and accurate disclosures for Veterans Affairs (VA) loans: This automates the calculation of all qualifying ratios for VA loans, including interest rate reduction refinance loans, in order to accurately calculate DTI for accurate loan disclosure.
Greater lender control over e-verification of assets: This empowers lenders to toggle on/off e-verification of borrower assets on a product-by-product basis, streamlining submission to automated underwriting systems and ensuring borrowers’ asset documentation meets individual investor and/or warehouse line requirements.
New mortgage insurance and appraisal management Integrations: The platform now integrates with Arch MI and Radian for in-platform access to mortgage insurance rate quotes that are accurate down to the specific loan product. It also introduces a robust integration with Mercury Network’s award-winning appraisal order management platform.
Automatic loan disclosures to help lenders stay compliant: This ensures that disclosures are auto-generated and sent digitally or by mail within three days (if the lender has not already done so) using an advanced rules engine and lender guidelines.
Private-label customization for branch operations: This provides lenders the ability to tailor the consumer digital experience (e.g., business names, logos, messaging, disclosures and brand colors) at the corporate, branch and DBA level.
Real-time compliance checks with PredProtect: This offers real-time compliance checks through PredProtect from First American Mortgage Solutions prior to generating loan disclosures, instantly identifying any potential violations in plain English so corrections may be made prior to the loan funding and providing an easy audit trail.