New Streamlined Pre-qualification Enhancement
Benefits Both Lenders and Borrowers
IRVINE,
Calif., Dec. 14, 2023 /PRNewswire/
-- Cloudvirga, a leading provider of digital mortgage
point-of-sale platforms, announced today it 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.
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," said Cloudvirga Chief Executive Officer Maria Moskver. "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," said 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, benefiting both lenders and brokers. For
more information about using DU early assessment through
Cloudvirga's platform, please visit cloudvirga.com.
About Cloudvirga
Cloudvirga is a leading provider of
digital mortgage point-of-sale platforms. With a focus on
streamlining the loan origination process, Cloudvirga solutions are
designed to enhance efficiency and accuracy in the mortgage
industry. The company's commitment to continuous improvement and
innovation has positioned it as a trusted partner for mortgage
lenders and brokers across the nation. Cloudvirga is a subsidiary
of Stewart Information Services Corporation (NYSE:STC), a
customer-focused, global title insurance and real estate services
company. For more information, visit www.cloudvirga.com.
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SOURCE Cloudvirga