Founded out of Irvine, California, in 2016, Cloudvirga’s core raison d’être is to “find order in the mortgage chaos,” as the company puts it, using data and an automated workflow. It’s designed to shorten the time it takes to close off a loan application, including automating the entire initial disclosures process, which means both the lender and the borrower should benefit.
So-called TRID, an acronym of acronyms that stands for “TILA RESPA Integrated Disclosure,” was introduced in 2015 as a means to help borrowers better understand the terms and conditions of their mortgage transaction. It’s also known as the “know before you owe” rule. And this is one facet of the Cloudvirga platform — it automates TRID compliance by issuing “Federal and state required disclosures throughout the loan cycle,” according to a company statement.
It also provides other tools, such as a unified cross-platform service for comparing rates, searching for a home, and making the loan application. Cloudvirga enables income and assets to be verified electronically, with documents uploaded over the internet.
Prior to now Cloudvirga had raised $7.5 million, and its latest cash injection will be used to support the company as it “scales its technology and expands its product offerings,” it says.
“Unprecedented mortgage regulation has exacerbated an already labor-intensive lending process and inconsistent consumer experience, making our solution more viable than ever,” said Kyle Kamrooz, cofounder of Cloudvirga.