Luminate Home Loans Selects the Cloudvirga Horizon Wholesale Platform

Rhea-AI Summary

Cloudvirga's Horizon Wholesale platform has been selected by Luminate Home Loans to optimize efficiency within its wholesale mortgage division. The platform will streamline the third-party origination process, providing brokers with greater visibility and control. It will also enable them to order critical services, create loan scenarios, generate compliant disclosures, and collaborate directly with Luminate. Luminate brokers will have real-time pipeline visibility to monitor loan status and respond quickly to requests.

Strategic Relationship Set to Optimize Wholesale Efficiency and Deliver New Broker Tools

IRVINE, Calif., Nov. 2, 2023 /PRNewswire/ -- Cloudvirga, a leading provider of digital mortgage point-of-sale platforms, announced today that Luminate Home Loans, headquartered in Minneapolis, Minnesota, has selected the Cloudvirga Horizon Wholesale platform to optimize efficiency within its wholesale mortgage division.

By implementing the Horizon Wholesale platform, Luminate will be able to streamline its third-party origination process. Brokers will have greater visibility and control within the loan approval process, and the platform will enable them to order critical services such as credit, verification services, fee services, pricing and mortgage insurance as well as submit the loan to underwriting. They will also be able to quickly create loan scenarios, generate compliant disclosures for consumers to eSign and collaborate directly with Luminate through the application process. Finally, Luminate brokers will have a real-time view into their individual pipelines to monitor the status of each of their loans and quickly respond to open requests.  

"For the foreseeable future, purchase mortgages are expected to make up the lion's share of overall originations and, in this environment, brokers will play a critical role in not only sourcing customers but also advising them through the origination process," said Cloudvirga Chief Executive Officer Maria Moskver. "Forward-looking lenders like Luminate are investing in the technology and tools to help them grow their third-party originations by taking time, friction and cost out of the process."

"Our collaboration with Cloudvirga signifies a shared commitment to transforming the wholesale lending experience," said Chris Lavigne, VP of Mortgage Technology at Luminate Home Loans. "By building upon the current capabilities of the Horizon Wholesale platform, we're redefining how to work with brokers and giving them advanced tools to improve both their loan pull-through and the customer experience they are delivering."

In addition to working with Cloudvirga, a subsidiary of Stewart Information Services Corporation, Luminate has a strong relationship with another member of the Stewart family of companies: Informative Research. Informative Research is a leading provider of comprehensive consumer data, including credit reports, verifications, fraud reports, and other essential data. The Luminate Home Loans partnership with Cloudvirga builds upon the trust and collaboration already established between Luminate and the Stewart family of companies.

About Luminate Home Loans

Luminate Home Loans, Inc. headquartered in Minneapolis, Minnesota, is a nationally recognized mortgage company with a rich legacy dating back to 1998. With a commitment to transparency, innovation, and client-focused services, Luminate has rapidly risen to prominence, earning a place among the top 50 mortgage lenders in the nation. Co-founded by Taryn Reuter and Eric Lovins, Luminate's dedication to excellence remains unwavering.

In 2022, Luminate Bank was established, expanding the company's offerings to provide a broad spectrum of lending tools and financial products. Together, Luminate Home Loans and Luminate Bank have created a platform that harnesses innovation and technology, revolutionizing the banking landscape for individuals and families nationwide.

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.

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SOURCE Cloudvirga

FAQ

What is the strategic relationship announced by Cloudvirga?

Cloudvirga has announced a strategic relationship with Luminate Home Loans to optimize efficiency within its wholesale mortgage division.

What is the purpose of implementing the Horizon Wholesale platform?

The purpose of implementing the Horizon Wholesale platform is to streamline the third-party origination process, provide brokers with greater visibility and control, and enable them to order critical services, create loan scenarios, generate compliant disclosures, and collaborate directly with Luminate.

What benefits will Luminate brokers have with the Horizon Wholesale platform?

Luminate brokers will have real-time pipeline visibility to monitor the status of each loan and quickly respond to open requests.

What is the expected impact of the strategic relationship on purchase mortgages?

The strategic relationship is expected to help grow Luminate's third-party originations by taking time, friction, and cost out of the process, especially in the purchase mortgage market.

Who is Informative Research and how is Luminate related to them?

Informative Research is a leading provider of comprehensive consumer data. Luminate Home Loans has a strong relationship with Informative Research, as well as with Cloudvirga and other members of the Stewart family of companies.