Irvine-based Cloudvirga Inc., a fast-growing mortgage software company, has reached an agreement with Supreme Lending of Dallas to further accelerate the loan process.
Supreme Lending, a full-service mortgage lender operating in all 50 states, will provide Cloudvirga’s technology to its loan officers and consumers.
“We’re trying to automate as much of the process as possible so it doesn’t take 40 days to do a loan—it takes a third of that, a quarter of that, if that,” Cloudvirga co-founder and Chief Strategy Officer Kyle Kamrooz told the Business Journal late last month.
He said of the traditional mortgage process: “Next to healthcare it’s the most regulated industry in the world. More than healthcare, it’s got the most amount of people touching a single file.”
The two companies showcased the new partnership and digital mortgage platform to more than 600 Supreme Lending loan originators at the company’s sales rally last month.
Cloudvirga has raised more than $77 million in capital from some of the country’s top lenders and private equity firms. The company’s Digital Mortgage Platform increases transparency, reduces the time it takes to process and close a loan, and radically cuts overall loan processing costs, it says.
Attainable
“As a private company, we can’t disclose specific revenue information,” said Kamrooz. “But we’ll continue our upward trajectory and continue working toward our mission of automating the back office and making the mortgage process more attainable for more people.”
Cloudvirga said its technology powers nearly $200 billion in loans annually and is used by 10 of the top 40 lenders in the country.Â
“Our partnership guarantees that Supreme Lending’s loan officers can offer their borrowers the industry’s best digital mortgage experience,” said Daniel Sogorka, chief executive of Cloudvirga.
Streamlined
“It is Supreme’s opinion, with all the antiquated procedures in the mortgage process, that by digitizing the user experience, we can have a much more streamlined process,” said Scott Everett, president of Supreme Lending in announcing the new agreement. “Our partnership with Cloudvirga will allow us to be focused and ready when the busy buying season is upon us.”
Cloudvirga recently moved into a 24,000-square-foot office at UCI Research Park.
Its local workforce stood at nearly 100 people as of September, with another 50 expected to be added within 12 months.
