Cloudvirga Announces New Initiative with Fannie Mae to Offer Early Assessment for Mortgages
- The new enhancement improves and streamlines the pre-qualification process, making it easier for lenders to assess borrowers' loan eligibility and provide information earlier in the process. It allows lenders to get a conditional recommendation and early notice of eligibility information using a soft credit pull, reducing the time and preserving borrowers' credit scores.
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New Streamlined Pre-qualification Enhancement Benefits Both Lenders and Borrowers
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
FAQ
What is the new enhancement announced by Cloudvirga with Fannie Mae's Desktop Underwriter?
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