Cloudvirga claims to digitize labor-intensive processes, fragmented systems and heavy regulations with a single automated platform that will help consumers and drives down costs of mortgage loan processing. In a release, the company says, it will use the funds to continue scaling its enterprise platform in the cloud, further product development and hire key staff key staff members to accelerate implementation.
It also claims to be developing the cloud-based intelligent Mortgage Platform (iMP). According to the company website, the platform automates steps that are needed to close a mortgage loan and reduces “fulfillment costs from the industry average of $2,600.”
Aimed at providing a single unified view by reducing fragmentation and save time it takes to close a loan, iMP reportedly capitalizes on vendor integrations automated throughout the entire loan cycle, where data (not PDF’s/images) drives the optimal workflow.
Cloudvirga is also deploying with several lender partners. It believes, that it “cannot simply shift from one software platform to another and need to fundamentally transform how loans are done.” Since its launch in August of 2015, the company has processed nearly $5B in loans and marks the first in its funding timeline to fight similar service providers like Calyx Software, Mortgage Builder Software and Blend.
Bill Dallas, Co-founder and CEO, Cloudvirga, said, “Increased regulations stemming from the subprime mortgage crisis have made the entire process more labor intensive and time consuming than ever, and those are the pain points we’re alleviating with iMP. We’re honored that such esteemed investors support our mission to digitalize the mortgage industry, and the new funds will help allow us to further innovate our platform and expand our offerings.”
John McEvoy, Managing Partner, Tribeca Angels, commented, “The mortgage industry has been in dire need of disruption for decades, and we’re impressed with the amount of automation cloudvirga is bringing to the space.”
