Mortgage automation software firm Cloudvirga reports that it has raised $15 million in Series B funding that it will use to scale its technology and expand its product offerings.
Incenter, a Blackstone Group portfolio company, led the funding round.
Cloudvirga’s mortgage point-of-sale (POS) system empowers consumers to take the helm of a completely re-engineered mortgage workflow that automates the entire initial disclosures process and delivers unmatched transaction speed and efficiency to both borrowers and lenders.
Central to cloudvirga’s success is its ability to maintain strict regulatory compliance, reduce time to close and save lenders money by moving many traditional back-office tasks to the front of the loan process, the firm claims in a release.
“Unprecedented mortgage regulation has exacerbated an already labor-intensive lending process and inconsistent consumer experience, making our solution more viable than ever,” says Kyle Kamrooz, co-founder of cloudvirga. “We are thrilled to have the support of such a well-respected group of investors and look forward to continuing to shake up an antiquated industry process.”
A fintech company at its core, cloudvirga launched its mortgage automation platform in early 2016 and has since partnered with several mega and mid-tier lenders to process more than $15 billion in loans.