Cloudvirga, a developer of mortgage point-of-sale (POS) platforms, reports that it has signed five of the nation’s top 30 non-bank lenders in the last 100 days.
The new customers collectively originate more than $100 billion in loans annually.
The announcement follows the firm’s addition of Michael Schreck as CEO in June and the completion of a $15 million Series B funding round led by Blackstone Group portfolio company Incenter in March.
“We are experiencing tremendous momentum as the industry’s leading lenders come to know Cloudvirga and experience for themselves the power of a digital mortgage platform that attacks back-office costs,” says Kyle Kamrooz, co-founder and chief operating officer for Cloudvirga, in a release.
“Our clients range from classic retail mortgage companies to lenders focused on direct-to-consumer loans and include some of the country’s biggest originators of government loans and other specialty products,” adds Kamrooz. “What these diverse lenders have in common is a desire to work with a digital platform like Cloudvirga that delivers proven, scalable savings.”
For American Financial Network (AFN), the decision to deploy Cloudvirga’s technology boiled down to the company’s desire to provide a frictionless home-buying experience for not only its tens of thousands of customers, but also for its 750 loan officers.
“We surveyed the digital platforms available in the marketplace and found Cloudvirga to be the leader in truly tackling the problems of mortgage cost and back-end inefficiency while still providing a terrific consumer experience,” says John Sherman, president of AFN, in the release.