Lender Looks To Technology To Improve Its Wholesale Lending Approach

Minneapolis, Minnesota, has selected the Cloudvirga Horizon Wholesale platform to optimize efficiency within its wholesale mortgage division.

By implementing the Horizon Wholesale platform, Luminate will be able to streamline its third-party origination process. Brokers will have greater visibility and control within the loan approval process, and the platform will enable them to order critical services such as credit, verification services, fee services, pricing and mortgage insurance as well as submit the loan to underwriting. They will also be able to quickly create loan scenarios, generate compliant disclosures for consumers to eSign and collaborate directly with Luminate through the application process. Finally, Luminate brokers will have a real-time view into their individual pipelines to monitor the status of each of their loans and quickly respond to open requests.  

“For the foreseeable future, purchase mortgages are expected to make up the lion’s share of overall originations and, in this environment, brokers will play a critical role in not only sourcing customers but also advising them through the origination process,” said Cloudvirga Chief Executive Officer Maria Moskver. “Forward-looking lenders like Luminate are investing in the technology and tools to help them grow their third-party originations by taking time, friction and cost out of the process.”

“Our collaboration with Cloudvirga signifies a shared commitment to transforming the wholesale lending experience,” said Chris Lavigne, VP of Mortgage Technology at Luminate Home Loans. “By building upon the current capabilities of the Horizon Wholesale platform, we’re redefining how to work with brokers and giving them advanced tools to improve both their loan pull-through and the customer experience they are delivering.”

In addition to working with Cloudvirga, a subsidiary of Stewart Information Services Corporation, Luminate has a strong relationship with another member of the Stewart family of companies: Informative Research. Informative Research is a leading provider of comprehensive consumer data, including credit reports, verifications, fraud reports, and other essential data. The Luminate Home Loans partnership with Cloudvirga builds upon the trust and collaboration already established between Luminate and the Stewart family of companies.