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Tuesday, May 28, 2024

Cloudvirga Promotes Sogorka to CEO

Irvine’s Cloudvirga, a mortgage software company that has raised more than $77 million from investors since its 2016 founding, has promoted Daniel Sogorka to be the company’s new chief executive.

Sogorka, who joined Cloudvirga as chief revenue officer in January, has more than 20 years of experience in the mortgage industry.

“In a short period of time, Dan Sogorka has had a profound impact on Cloudvirga’s growth, and he is without question the right person to take this company to the next level,” company co-founder Mark Attaway said last week.

Sogorka “has been instrumental in building out the technology partnerships required to realize Cloudvirga’s digital mortgage vision,” Attaway said in announcing the appointment.

Cloudvirga makes software that automates the mortgage process; its subscription software touches every part of the mortgage workflow, speeding up mortgage approval time by automating the initial disclosure process, including income verification, tax documents, and assets of a loan seeker.

In 2017, the company’s software supported about $17 billion in loan transactions; 2018 figures haven’t been disclosed.

Co-founder and Chief Strategy Officer Kyle Kamrooz was one of five honorees at the annual Business Journal Innovator of the Year Awards last September (see special report on 2019 edition, page 19).

Sogorka is replacing Michael Schreck, who was hired in mid-2017 and who will continue as an adviser. The company declined to say why Schreck left.

“I’m very grateful for the contributions outgoing CEO Michael Schreck did during his time with Cloudvirga, building out an amazing senior leadership team and shepherding the company through its Series C funding round,” Sogorka said.

Fidelity Vet

Prior to joining Cloudvirga, Sogorka was president of EXOS Technologies and executive vice president of ServiceLink, a subsidiary of Santa Ana title insurance company Fidelity National Financial Inc. (NYSE: FNF).

“There is a lot of talk about the ‘digital mortgage,’ but so far the industry has fallen short on its promise,” said Sogorka as part of the announcement.

The company “is uniquely situated to finally deliver a transformational experience for both consumers and originators, with the right combination of industry expertise, technology and people.”

The new CEO is one of several executive changes the company has made of late.

Last month, Cloudvirga announced the hiring of Maria Moskver as chief legal and compliance officer and Daniel Akiva as chief technology officer.

Moskver has more than 20 years of experience in compliance and regulatory matters for financial services technology companies. She joined Cloudvirga from Covius, where she was general counsel and enterprise compliance officer.

Akiva has over 20 years of experience developing elite engineering teams that deliver enterprise-class software for some of the world’s largest companies.

In addition to driving technology strategy for Cloudvirga, Akiva is in charge of expanding the engineering team.

Cloudvirga has approximately 150 employees and plans to fill an additional 50 technical positions over the next 12 months.

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Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal

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