Cloud-based mortgage software company Cloudvirga in Irvine said its revenue doubled last year and it expects similar growth in 2021.
"In 2021, we expect the trends that fueled our growth last year -- low interest rates, lenders wanting to diversify into other channels, and competition in the TPO (third-party originator) space -- will not only continue, but accelerate. We expect 2021 to be another record year,” co-founder Kyle Kamrooz said in a statement today.
The statement from the privately held firm did not provide specific revenue figures.
Cloudvirga technology powers nearly $100 billion in loans annually and is used by 10 of the country's top 40 mortgage originators.