Cloudvirga, a provider of digital mortgage point-of-sale platforms, announced Luminate Home Loans, headquartered in Minneapolis, has selected its Horizon Wholesale platform to optimize efficiency within its wholesale mortgage division.
By implementing the Horizon Wholesale platform, Luminate said it will be able to streamline its third-party origination process.
“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,” Cloudvirga CEO Maria Moskver said in a release. “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.”
Leaders added that brokers will have greater visibility and control within the loan approval process and the platform will enable them to order 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 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 respond to open requests.
“Our collaboration with Cloudvirga signifies a shared commitment to transforming the wholesale lending experience,” said Chris Lavigne, vice president 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 Corp., Luminate has a relationship with another member of the Stewart family of companies: Informative Research, a provider of comprehensive consumer data, including credit reports, verifications, fraud reports and other essential information.