Two mortgage fintechs partner to cut closing times
By joining forces, Cloudvirga will integrate its digital mortgage software with Exos' cloud technology to enhance customers' desire for self-service during the transaction.
For originators, this new partnership creates an end-to-end mobile platform with improved pipeline management capabilities.
"By adding the Exos technology to Cloudvirga's digital mortgage tech stack, we've managed to accomplish something that's unheard of in the mortgage industry — a fully digital consumer and originator experience from end-to-end," Daniel Sogorka, chief executive officer at Cloudvirga, said in a press release.
"Our goal has always been to make the mortgage process as painless and straight-forward as possible for both mortgage lenders and their customers. This partnership is a testament to that commitment."
The unified platform will be fully customizable for each lender and create a centralized system for every party involved in the loan.
"We know from our domain expertise that you have to complete the entire loan manufacturing process or you're not adding true value" Mikhail Cook, senior vice president at Exos, said in an interview at Digital Mortgage in Las Vegas. "The days of mortgage technology trailing 10 years behind the consumer just isn’t acceptable. For today's digital consumption patterns, you're not able to rest on the laurels of legacy functionality."
Both Cloudvirga and Exos demonstrated their latest products at the conference. Cloudvirga showed its intelligent Mortgage Engine point-of-sale software, which automates lender workflow, cuts costs and increases transparency. Exos' eponymous single platform offers voice capability and integration with wearables for real-time appraisal, closings and mortgage payments.
"The partnership allows them to digitize all the consumer touchpoints and have a centralized place for multiple actors to come and find out everything they need to find out about the loan," Cook continued. "Increasingly, lenders are saying they don't want their users in multiple systems. Some lenders have upwards of 20 different systems they use so it's cobbled together. This offers them the opportunity to have a digital solution that extends past the intent to proceed and also provides a better user experience for lenders regardless of who the providers are."