Lenders can now receive title complexity decisions within seconds for refinance loans thanks to ServiceLink’s EXOS Express Pass technology integration with Cloudvirga’s Digital Mortgage Platform. This first-of-its kind integration of EXOS within a point-of-sale (POS) platform will enable lenders to expedite title decisions, digital title delivery and close more loans faster.
EXOS empowers lenders to deliver a complete digital mortgage origination experience within one seamless platform. With EXOS Express Pass, lenders can cut days from their origination timeline by receiving an optimized clear-to-close path within seconds. This enables operators and fulfillment leaders to allocate resources more efficiently, prioritize loans based on complexity and improve consumer transparency by providing access to various parts of the lending process that had previously been offline.
“Last fall, when we embarked on this partnership, we never could have predicted the challenges our industry – and the world – would face only a few short months later,” said Daniel Akiva, co-chief executive officer at Cloudvirga. “2020 brought with it record high originations, historic low mortgage rates and hyper-demand for our lender partners and their businesses. Cloudvirga lenders who leverage EXOS Express Pass will be better equipped to keep pace with this demand and deliver the seamless digital mortgage experience borrowers expect, all while more effectively managing their pipelines.”
Borrowers can benefit from receiving a more definitive clear-to-close timeline early on in the loan process, helping them to better prepare for closing while reducing the risk of delays.
“While the self-service, digital mortgage application process is becoming commonplace in the mortgage industry, the path to close has remained largely unchanged for the past 30 years,” said Kiran Vattem, EVP, chief digital and technology officer at ServiceLink. “New challenges brought on by COVID-19 have put back into focus the importance of streamlining origination processes. With EXOS, we’re focused on driving efficiency and transparency for lenders and borrowers, eliminating guess work and ultimately, driving more closed loans with less effort. Lenders who embrace our technology stand to gain a competitive edge with consumers who crave convenience and ease in the buying experience.”