Cloudvirga has announced the expansion of its digital mortgage platform for retail lenders to wholesale lenders and their brokers.
According to the Irvine, California-based fintech company, Cloudvirga TPO has been rolled out to accommodate the increased market share of the wholesale lending sector, which has seen its market share reach almost 16% of the nation’s $2 trillion annual mortgage volume.
Mark Attaway, company co-founder, noted many large lenders have been moving into the wholesale business over the past two years, resulting in new omnichannel environments that require digital solutions.
“These lenders are saying, ‘Hey, we’d love to take the solution and be able to leverage the platform and empower brokers,” Attaway said. Attaway stated that wholesale lenders can increase their market share by offering a complete digital mortgage platform to meet their mortgage brokers’ marketing, customer service and loan process operations.
Cloudvirga TPO represents a new product, Attaway added, rather than a reconfigured version of the Cloudvirga Consumer and Originator Point of Sale products on the retail side. Cloudvirga TPO is now available on an enterprise license platform, and Attaway identified Finance of America, which uses Cloudvirga for its 1,300-plus national retail salesforce, as the first lender to incorporate Cloudvirga TPO into its wholesale network serving mortgage brokers.
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