Cloudvirga Expands its Integration With DU to Include Early Assessment

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Cloudvirga, a provider of digital mortgage point-of-sale platforms, has expanded its strategic integration with Fannie Mae’s Desktop Underwriter (DU) solution to include the newly announced early assessment enhancement.

This new enhancement improves and streamlines a lender’s pre-qualification process, making it easier for lenders to assess borrowers’ loan eligibility and provide information earlier in the process to make decisions on their mortgage options, the company says in a release.

Historically, lenders have used hard credit pulls and fully completed applications during pre-qualification to determine a borrower’s credit worthiness, which created an alert on the borrower’s credit file. DU early assessment allows lenders to get a conditional recommendation from DU, as well as early notice of eligibility information, by using a soft credit pull from a single credit bureau and an automated and abbreviated application that allows a reduced dataset to assess borrower qualifications.

As a result, the process is much faster and, because it avoids a hard credit pull, preserves borrowers’ credit scores, safeguarding their credit worthiness.

In addition, the soft credit pull protects borrowers from being approached with unwanted marketing solicitations.

“By harnessing the power of data-driven insights and automation, this new enhancement ensures a more efficient, transparent and borrower-friendly mortgage origination process for all stakeholders involved,” says Maria Moskver, CEO for Cloudvirga, in the release. “A majority of borrowers who are prequalified by a lender end up using that lender for their mortgage origination. Simplifying and streamlining the pre-qualification process will help lenders gain a competitive advantage, improve the customer experience that they can deliver and, at the same time, lower their customer acquisition costs.” 

“At Fannie Mae, we continue to offer more ways for mortgage lenders to improve the homebuying experience,” adds Peter Skarnulis, vice president of single-family digital management solutions at Fannie Mae. “With this latest offering, lenders can receive an early assessment from Desktop Underwriter with a soft credit report when they’re pre-qualifying borrowers, which won’t impact their credit score.”

DU early assessment is available through Cloudvirga’s retail and wholesale TPO channels.

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