Author Archives: Cloudvirga Inc.

Cloudvirga Named a 2018 Benzinga FinTech Award

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), was honored as one of the world's top fintech firms at last week's Benzinga Global Fintech Awards.

After advancing to the competition's final round in April, Cloudvirga was one of just three companies recognized in the "Best Digital Mortgage Solution" category during the awards ceremony on May 15 in New York. The following morning, Cloudvirga announced it had completed a $50-million Series C funding round led by private-equity firm Riverwood Capital.

Founded in 2015, the Benzinga Global Fintech Awards recognizes leading innovators in finance and fintech. Hundreds of companies vied for recognition in nearly 30 categories this year.

"Cloudvirga is proud to be recognized as a global leader in digital mortgage solutions," said Cloudvirga CEO Michael Schreck. "Our intelligent Mortgage Platform combines decades of real-world mortgage experience with the latest innovations in process automation, data science and machine learning to produce a world-class borrower experience while radically reducing the cost of lending for mortgage companies. We're redefining what the digital mortgage experience means for consumers, loan officers and back-office teams."

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform(R), uniquely combines a world-class borrower experience with a truly automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's customer base includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $77 million from some of the country's top lenders and private-equity firms.

For more information, visit http://www.cloudvirga.com or follow Cloudvirga on LinkedIn.

@Cloudvirga @BZAwards #BZawards #fintech

Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), was honored as one of the world's top fintech firms at last week's Benzinga Global Fintech Awards.

Related link: http://www.cloudvirga.com/

Cloudvirga Raises $50M to Deliver a Truly Digital Mortgage Experience

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced the closing of a $50-million Series C funding round led by private-equity firm Riverwood Capital (Riverwood) with ongoing participation from Upfront Ventures.

The new funding will support Cloudvirga's mission to help lenders reduce record-high loan production costs via automation and empower borrowers with greater transparency and engagement in the mortgage transaction.

"We believe the material opportunity in the $1.6 trillion U.S. mortgage market lies in digitizing and automating not just the loan application, but the mortgage factory," said Cloudvirga CEO Michael Schreck. "Our industry's current 'shiny object syndrome' has resulted in a preoccupation with the digital application. Instead, Cloudvirga's technology uniquely tackles the mortgage cost problem, which has helped us garner tremendous interest from many of the country's top private-equity funds."

Schreck added, "Ultimately, we found our ideal capital partner in Riverwood Capital, whose unique experience supporting rapidly growing fintech firms from both Silicon Valley and New York is a perfect fit for Cloudvirga. We are also grateful for Upfront Ventures' ongoing confidence in our company."

"The mortgage market is one of the largest in the country, yet innovators are still nibbling on the edges of mortgage automation," said Riverwood executives Scott Ransenberg and Jay Schneider. "Cloudvirga has the right fusion of mortgage and technology DNA to transform the way lenders do business. Cloudvirga's blue chip customer base, which includes many of the largest and most sophisticated mortgage lenders in the country, is a testament to their unique end-to-end solution." With this funding, both Schneider and Ransenberg will join Cloudvirga's board of directors.

Cloudvirga had previously raised over $27 million, including a nearly $20 million Series B led by Blackstone Group (NYSE: BX) portfolio company Incenter and a $7.5 million Series A led by Upfront Ventures, Tribeca Angels and Dallas Capital. Cloudvirga's total investment support now exceeds $77 million. DCS Advisory LLC acted as the exclusive financial advisor to Cloudvirga in connection with the current transaction.

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform(R), uniquely combines a world-class borrower experience with a truly automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's customer base includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $77 million from some of the country's top lenders and private-equity firms.
For more information, visit http://www.cloudvirga.com or follow Cloudvirga on LinkedIn.

About Riverwood:

Riverwood Capital is a private equity firm that invests in high growth middle-market technology companies. Riverwood offers a unique combination of operational, strategic, technology, and financial insight to portfolio companies. The firm partners with established businesses with a proven technology and business model, and the proper fit in terms of culture and values, in both minority and control situations. Riverwood has offices in Menlo Park; New York; and Sao Paulo, Brazil. For more information, please visit https://www.riverwoodcapital.com.

Twitter: @Cloudvirga #fintech #funding

REF: - Ticker: NY:BX : NYSE:BX

Cloudvirga, a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform, today announced the closing of a $50-million Series C funding round led by private-equity firm Riverwood Capital (Riverwood) with ongoing participation from Upfront Ventures.

Related link: http://www.cloudvirga.com/

Cloudvirga Adds Award-Winning Appraisal Order Management from Mercury Network to Its Digital Mortgage Point-of-Sale Platform

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the Intelligent Mortgage Platform(R), today announced its completion of a fully automated, lights-out integration with Mercury Network, part of CoreLogic (NYSE: CLGX) and one of the industry's largest appraisal order management platforms. The integration makes appraisal ordering and management more efficient and compliant for Cloudvirga's lender customers, thereby reducing overall loan production costs.

Cloudvirga's intelligent appraisal engine ensures efficiency and compliance throughout the appraisal lifecycle by accurately determining which appraisal forms are required for a given property location, loan amount, loan type and loan program. The seamless integration allows Cloudvirga customers to place appraisal orders directly to Mercury Network without the lender or customer having to rekey information or leave Cloudvirga's POS platform.

Once the appraisal order is placed, appraisal documents and order statuses are automatically synced between Cloudvirga and Mercury Network, and the loan file is updated in real time. As soon as the appraisal report is complete, Cloudvirga alerts both the lender and the consumer and delivers the appraisal report via its secure portal. This unique, fully automated workflow reduces human effort while satisfying compliance requirements for appraisal delivery.

"Cloudvirga's integration with Mercury Network streamlines not just appraisal ordering, but the entire appraisal process for noticeable gains in origination efficiency," said Cloudvirga Product Manager Matt Howard. "Lenders can feel more confident than ever in the compliance of their collateral valuation thanks to Cloudvirga's careful analysis of myriad data points, including loan program details, to ensure the right appraisal forms are ordered the first time, every time."

"Mercury Network's product suite is used by almost 1,000 lenders and appraisal management companies nationwide," said Jennifer Miller, president of Mercury Network, CoreLogic. "We're proud to integrate with Cloudvirga to give our mutual customers a truly seamless integration that makes appraisal ordering and delivery faster with greater accuracy and enhanced overall lending efficiency."

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the Intelligent Mortgage Platform(R), uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn: https://www.linkedin.com/company/7577062/.

About Mercury Network: https://www.mercuryvmp.com/

REF: NYSE:CLGX / CORELOGIC RG ( NY: CLGX )

Twitter: @cloudvirga @MercuryNetwork #digitalmortgage

Cloudvirga, a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the Intelligent Mortgage Platform, today announced its completion of a fully automated, lights-out integration with Mercury Network, part of CoreLogic (NYSE:CLGX) and one of the industry's largest appraisal order management platforms.

Related link: http://www.cloudvirga.com/

Cloudvirga and Freddie Mac Team Up to Deliver a Better Borrower Experience, Maximize Fungibility

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today launched single-click submission of loan data to both GSEs' automated underwriting systems (AUS) in a collaborative effort with Freddie Mac, delivering on the industry need for greater transactional ease.

The dual-AUS submission and review process allows lenders to maximize loan fungibility in the secondary market and improve loan quality through automation. Cloudvirga works behind the scenes to automate review of each GSEs' AUS' findings report, applying rules-based logic and predictive analytics to determine the best path for a loan without adding manual review tasks or interfering with a loan team's preferred origination workflow.

"We're empowering loan officers and back-office teams with data and augmented intelligence and making it effortless to deliver the best possible borrower experience while maximizing loan performance in the secondary market," said Kyle Kamrooz, Cloudvirga Co-founder.

Running loan data through both AUSs up front allows loan officers to identify opportunities to help borrowers save money and close loans faster. For example, a loan may not qualify for an automated appraisal waiver from both GSEs. Avoiding the need for an appraisal can save borrowers anywhere from $300 to over a thousand dollars and shorten loan cycle times by days or weeks. Dual-AUS submission will ensure loan officers have a full picture of the options available for their borrowers and can provide the best borrower experience.

"Freddie Mac is committed to helping all lenders maximize loan fungibility while maintaining transactional ease, reducing origination costs and improving the borrower experience," said Rick Lang, Vice President, Loan Advisor Suite Strategy and Integration for the Single-Family business at Freddie Mac. "We're confident Cloudvirga's 'AUS agnostic' submission will demonstrate that selecting Loan Product Advisor on a per-loan basis will add value for both lenders and borrowers."

The functionality will be available to Cloudvirga customers with Freddie Mac Loan Product Advisor's 4.8 release. Loan Product Advisor 4.8 also adds new support for automated validation of borrower asset and income data.

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform(r), uniquely combines a world-class borrower experience with a truly automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

REF: OTCMKTS:FMCC / OTC:FMCC

Cloudvirga, a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform, today launched single-click submission of loan data to both GSEs' automated underwriting systems (AUS) in a collaborative effort with Freddie Mac (OTCMKTS: FMCC), delivering on the industry need for greater transactional ease.

Related link: http://www.cloudvirga.com/

Cloudvirga Named to HousingWire’s TECH100 List of Most Innovative Tech Companies in Real Estate and Housing

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced it has been named to HousingWire's 2018 TECH100 list of the most innovative technology companies in U.S. real estate, mortgage lending, mortgage servicing and investments.

Cloudvirga was recognized for its digital mortgage POS platforms, which uniquely combine a compelling consumer experience with automation that helps lenders cut their loan production costs and close loans faster.

"Tackling the mortgage cost-to-produce problem requires new ways of thinking and technology that enables new ways of doing business," said Cloudvirga Co-Founder Kyle Kamrooz. "We're incredibly proud to be at the forefront of a digital sea change in mortgage technology as one of the new names on this year's HousingWire Tech 100."

"Companies in the 2018 Tech100 represent the leading edge of solutions and services that will propel mortgage companies toward success," said HousingWire Magazine Editor Sarah Wheeler.

"These companies provide innovative solutions and are moving the housing finance industry forward as technology rapidly changes how the landscape operates," added HousingWire Online Editor Caroline Basile.

For a full list of honorees, see the April issue of HousingWire magazine or visit https://www.housingwire.com/articles/42985-the-2018-hw-tech100.

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform(R), uniquely combines a world-class borrower experience with a truly automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

About HousingWire:

HousingWire is the nation's most influential source of news and information for U.S. mortgage markets, boasting a readership that spans lending, servicing, investments and real estate market participants as well as financial market professionals. Winner of numerous awards, including a 2012 Eddie Award for national editorial excellence in the B-to-B Banking/Business/Finance, HousingWire has been recognized for excellence in journalism by the Society of Business Editors and Writers, the American Society of Business Press Editors, the National Association of Real Estate Editors, and Trade Association Business Publications International.

Learn more at http://www.housingwire.com.

Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced it has been named to HousingWire's 2018 TECH100 list of the most innovative technology companies in U.S. real estate, mortgage lending, mortgage servicing and investments.

Related link: http://www.cloudvirga.com/

Major Update to Cloudvirga’s Enterprise Point-of-Sale Platform Raises the Digital Mortgage Bar

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced a major update to the Cloudvirga Enterprise POS. New features designed to improve lender speed, compliance and productivity will make the platform's 4.0 release the most robust POS solution on the market.

Available April 2, Cloudvirga's 4.0 release is fully compatible with the latest Home Mortgage Disclosure Act (HMDA) data collection and reporting requirements.

Enhancements include:
* Enhanced Rate Locking with Built-in Concessions Workflow
Gives loan officers the unprecedented ability to submit price concession requests and receive manager approvals in real time, at the point of sale, as part of the rate-locking workflow. This automated concessions workflow, which can be configured for up to five levels of approval, enables loan officers to generate rate-lock disclosures that reflect approved concessions, eliminating the need to re-disclose later.

* Automated Income Analysis and Accurate Disclosures for Veterans' Loans
Automates the calculation of all qualifying ratios for U.S. Department of Veterans Affairs (VA) loans, including Interest Rate Reduction Refinance Loans (IRRRLs), making Cloudvirga the first mortgage POS platform to accurately calculate DTI for VA loans for accurate loan disclosure.

* Greater Lender Control Over eVerification of Assets (eVOA)
Empowers lenders to toggle on/off eVerification of borrower assets on a product-by-product basis, streamlining submission to automated underwriting systems (AUS) and ensuring borrowers' asset documentation meets individual investor and/or warehouse line requirements.

* New Mortgage Insurance and Appraisal Management Integrations
o Integrates with Arch MI and Radian for in-platform access to mortgage insurance (MI) rate quotes that are accurate down to the specific loan product.
o Introduces a robust integration with Mercury Network's award-winning appraisal order management platform.

* Automatic Loan Disclosures to Help Lenders Stay Compliant
Ensures that disclosures are auto-generated and sent digitally or by mail within three days (if the lender has not already done so) using an advanced rules engine and lender guidelines.

* Private-Label Customization for Branch Operations
Provides lenders the ability to tailor the consumer digital experience (e.g., business names, logos, messaging, disclosures and brand colors) at the corporate, branch and DBA level.

* Real-Time Compliance Checks with Prepotency(R)
Offers real-time compliance checks through PredProtect from First American Mortgage Solutions prior to generating loan disclosures, instantly identifying any potential violations in plain English so corrections may be made prior to the loan funding and providing an easy audit trail.

"Job one of any mortgage POS platform is to quickly, accurately and compliantly secure a borrower's commitment," explained Cloudvirga co-founder Kyle Kamrooz. "Our intelligent Mortgage Platform uniquely empowers loan officers and consumers and redefines what a POS can do. Cloudvirga delivers the 'one-call close' while also optimizing for downstream impacts in the mortgage factory."

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform(R), uniquely combines a world-class borrower experience with a truly automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

Cloudvirga, a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced a major update to the Cloudvirga Enterprise POS. New features designed to improve lender speed, compliance and productivity will make the platform's 4.0 release the most robust POS solution on the market.

Related link: http://www.cloudvirga.com/

New Mobile App from Cloudvirga Connects Real Estate Agents with Loan Officers on Its Digital Mortgage Platform

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced the launch of a new mobile app that will enable real estate agents to collaborate with mortgage loan officers in real time. This native mobile app allows instantaneous and secure exchange of loan documents and communication between real estate agents and loan teams for a faster, more efficient mortgage experience.

The mobile app, available for both Android and Apple devices, makes it easy for real estate agents to check a loan's status, view and send pre-approval letters and upload purchase contracts from virtually anywhere. Real estate agents can also use the app to share leads with loan officers.

"Cloudvirga's new mobile app deepens the collaboration between loan officers and real estate agents, which is critical to success in today's purchase-driven market," said Cloudvirga Co-founder Kyle Kamrooz. "Agents and loan officers now have access to our digital mortgage platform via a native mobile app that is both easy to use and incredibly powerful."

About Cloudvirga(TM):

Cloudvirga's digital mortgage point-of-sale (POS) software, powered by the intelligent Mortgage Platform(R), uniquely combines a world-class borrower experience with a truly automated lender workflow that radically cuts overall loan costs, increases transparency and reduces the time to close a loan.

Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(r), today announced the launch of a new mobile app that will enable real estate agents to collaborate with mortgage loan officers in real time. This native mobile app allows instantaneous and secure exchange of loan documents and communication between real estate agents and loan teams for a faster, more efficient mortgage experience.

Related link: http://www.cloudvirga.com/

Cloudvirga’s Kyle Kamrooz Named to MPA Hot 100 List of Top Mortgage Industry Innovators

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), developer of intelligent mortgage point-of-sale (POS) platforms, today announced that its Co-founder and Chief Strategy Officer Kyle Kamrooz has been named to Mortgage Professional America (MPA) magazine's annual Hot 100 list of the leaders and visionaries making the biggest impact on America's mortgage industry. Kamrooz was recognized for spearheading Cloudvirga's transformative contributions to reducing mortgage back-office costs through digital mortgage technology.

Published each February and now in its sixth year, the MPA Hot 100 recognizes mortgage professionals whose vision, innovation and achievements are shaping the landscape of the mortgage industry. Recipients of the award are nominated by their peers and are widely regarded as major power players within their professional community.

Since co-founding Cloudvirga in 2016, Kamrooz has led the company through two capital raises totaling over $27 million and launched its next-gen POS products in nine of the top 40 non-bank mortgage lenders.

This is the third time in recent weeks that top mortgage industry publications have recognized Kamrooz for his breakthrough contributions to advancing mortgage efficiency. Kamrooz was recently named among HousingWire's 2017 Vanguard Award winners as well as one of National Mortgage Professional (NMP) magazine's 40 most influential mortgage professionals under 40.

"It's a privilege to be recognized among such a distinguished group of mortgage professionals," said Kamrooz. "2017 was a great year for Cloudvirga and our customers, and we continue to tackle the massive problem of mortgage cost and inefficiency."

For a full rundown of 2018 MPA Hot 100 winners, visit https://www.mpamag.com/contents/e-magazine.aspx?id=91568.

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms. For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

About Mortgage Professional America:

Mortgage Professional America (MPA) is the mortgage and finance industry's most trusted source of news, opinion and analysis. MPA keeps mortgage and finance professionals up-to-date with breaking news, cutting-edge opinion and expert analysis of the trends affecting individual mortgage businesses and the industry as a whole.

Cloudvirga, developer of intelligent mortgage point-of-sale (POS) platforms, today announced that its Co-founder and Chief Strategy Officer Kyle Kamrooz has been named to Mortgage Professional America (MPA) magazine's annual Hot 100 list of the leaders and visionaries making the biggest impact on America's mortgage industry. Kamrooz was recognized for spearheading Cloudvirga's transformative contributions to reducing mortgage back-office costs through digital mortgage technology.

Related link: http://www.cloudvirga.com/

Record Year for Cloudvirga Closes with Customers of Its Digital Mortgage Platform Producing Over $100B in Loan Volume

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM) CEO Michael Schreck is on a mission to help mortgage lenders reinvent the mortgage factory. A developer of intelligent mortgage point-of-sale platforms, Cloudvirga gives consumers and loan officers a digital mortgage experience and helps lenders grow market share by automating the mortgage back office, saving them up to $1,500 a loan.

2017 was a banner year for Cloudvirga. In November, the company announced the addition of five top-30 lender customers to its digital mortgage platform, and it added a sixth top-30 lender in December. Together, these customers produced over $100B in loan volume in 2017.

"We are proud to have earned the support of the industry's leading lenders," said Schreck. "We believe their trust is indicative of Cloudvirga's unique mission to offer customers a response to Rocket Mortgage while also attacking the serious cost problems involved in producing a loan."

Also in 2017, Cloudvirga raised a $20M Series B led by Blackstone Group (NYSE: BX) portfolio company Incenter. To date, the firm has raised over $27M in total funding to scale its enterprise-class technology and invest in vendor partnerships, including a recently announced integration with DocuTech, the industry's leading provider of document and compliance technology.

Cloudvirga hired Schreck, a veteran tech entrepreneur and former Altisource (NASDAQ: ASPS) senior executive, as its new CEO in June. The firm's previous CEO, co-founder Bill Dallas, continues to advise Cloudvirga as chairman of its board of directors.

Since then, Schreck has overseen several high-profile additions to Cloudvirga's leadership team, including the appointment of former ShiftPixy (NASDAQ: PIXY) CFO Stephen DeSantis as chief financial officer; former Intuit (NASDAQ: INTU) and First American (NYSE: FAF) executive Jim Portner as chief product officer; and former Dell (NYSE: DVMT) and IBM (NYSE: IBM) executive Sean McEvoy as chief customer officer.

In December, Cloudvirga co-founder and Chief Strategy Officer Kyle Kamrooz received top industry honors as one of HousingWire magazine's 2017 Vanguard Award winners. He was also recognized by National Mortgage Professional magazine as one of the mortgage industry's most influential professionals under 40.

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

Cloudvirga CEO Michael Schreck is on a mission to help mortgage lenders reinvent the mortgage factory. A developer of intelligent mortgage point-of-sale platforms, Cloudvirga gives consumers and loan officers a digital mortgage experience and helps lenders grow market share by automating the mortgage back office, saving them up to $1,500 a loan.

Related link: http://www.cloudvirga.com/

Digital Mortgage Point-of-Sale Pioneer Cloudvirga Hires Sean McEvoy as Chief Customer Officer

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), developer of intelligent mortgage point-of-sale (POS) platforms, has appointed Sean McEvoy as its chief customer officer. As a member of the senior leadership team, McEvoy will be responsible for the firm's customer leadership, implementation and support functions. He has an extensive background in building world-class customer success organizations at FileNET, IBM, Quest and Dell. He will report to Cloudvirga CEO Michael Schreck.

McEvoy joins on the heels of Cloudvirga's recent addition of five top-30 lender customers to its digital mortgage platform. He brings a global skill set and a track record of success from roles that include vice president of global services and customer support for Dell Technologies (NYSE: DVMT). While there, McEvoy led a team of more than 900 global customer success, support and professional service engineers and contributed to hundreds of millions of dollars in software services and maintenance/renewals business growth.

McEvoy's other career accomplishments include establishing a $200 million renewal sales channel as a business unit executive for IBM (NYSE: IBM); overseeing six acquisitions and launching offshore delivery centers as vice president of support services for Quest Software (acquired by Dell in 2012); and serving as global director of technical consultancy services while vice president of technical operations for FileNET (acquired by IBM in 2006). He holds a master's degree in international business administration and a bachelor's degree in software engineering.

"Delighting our leading lending customers, which include five of the top eight non-bank originators, is core to Cloudvirga's mission in 2018," said Schreck. "We are bulking up our customer success organization to support a growing client base that produced over $100 billion in mortgages in 2017 and employs thousands of loan officers. Sean is a proven leader who can scale enterprise-class organizations to help ensure their success."

"As a software-as-a-service provider, Cloudvirga's long-term success hinges on our ability to help customers meet their desired outcomes," said McEvoy. "I look forward to helping Cloudvirga deliver on this mission."

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $25 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

*PHOTO for Media: Send2Press.com/300dpi/18-0109s2p-Sean-McEvoy-300dpi.jpg
*Photo Caption: Cloudvirga Appoints Sean McEvoy as Its Chief Customer Officer.

Cloudvirga Inc., developer of intelligent mortgage point-of-sale (POS) platforms, has appointed Sean McEvoy as its chief customer officer. As a member of the senior leadership team, McEvoy will be responsible for the firm's customer leadership, implementation and support functions. He has an extensive background in building world-class customer success organizations at FileNET, IBM, Quest and Dell. He will report to Cloudvirga CEO Michael Schreck.

Related link: http://www.cloudvirga.com/

Cloudvirga Co-founder Kyle Kamrooz Named One of National Mortgage Professional Magazine’s 40 Most Influential Mortgage Professionals Under 40

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), developer of intelligent mortgage point-of-sale (POS) platforms, today announced that its co-founder and Chief Strategy Officer Kyle Kamrooz has been named one of National Mortgage Professional magazine's 40 Most Influential Mortgage Professionals Under 40.

Now in its eighth year, the "40 Under 40" recognition will be featured in National Mortgage Professional's December issue. The honor is presented to top mortgage professionals under the age of 40 who exemplify professionalism, innovation and results in today's housing market. The award is based on merit and peer voting and recognizes those who have persevered in a time of regulatory uncertainty.

"It's a sincere honor to be included in this list of highly-respected mortgage professionals," Kamrooz said. "I started in residential mortgage lending nearly two decades ago, and I have devoted my career to improving the mortgage process. Cloudvirga embodies that goal by providing lenders technology that we believe will reset the bar for the entire industry."

Kamrooz was also recently named a 2017 HousingWire Vanguard Award winner for his company leadership and substantial contributions to the mortgage industry at large. In the past year, he has helped Cloudvirga raised more than $25 million in capital funding, forge technology partnerships with some of the industry's most innovative service providers and process more than $15 billion in loans for many of the nation's top non-bank mortgage originators.

"Visionaries such as Kyle Kamrooz should be applauded for their foresight and ability to remain ahead of an ever-changing technological curve in the mortgage marketplace," said Eric C. Peck, Editor-in-Chief for National Mortgage Professional. "We commend Kyle and his team at Cloudvirga for making the transition to new technologies a smooth one for so many in the industry. Congratulations for earning the distinction of being named one of our 40 most influential mortgage professionals under 40."

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $25 million from some of the country's top lenders and venture capital firms. For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

About National Mortgage Professional Magazine:

National Mortgage Professional Magazine has become "The Source for Top Originators" that connects the mortgage professional community under various media formats. It's committed to ensuring that today's industry is equipped with the most comprehensive understanding of mortgage news available.

Cloudvirga, developer of intelligent mortgage point-of-sale (POS) platforms, today announced that its co-founder and Chief Strategy Officer Kyle Kamrooz has been named one of National Mortgage Professional magazine's 2017 '40 Most Influential Mortgage Professionals Under 40.'

Related link: http://www.cloudvirga.com/

Mortgage Automation Trailblazer Cloudvirga Hires Jim Portner as Chief Product Officer

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), developer of intelligent mortgage point-of-sale (POS) platforms, has hired Jim Portner as chief product officer. Portner will report to Cloudvirga CEO Michael Schreck and will oversee product strategy, development and marketing for the company's digital mortgage automation platforms.

The addition to Cloudvirga's executive leadership team comes on the heels of the company's recent announcement that it added five top-30 lenders to its digital mortgage platform in the last 100 days.

Before joining Cloudvirga, Portner was senior vice president of products and strategy for First American Financial Corporation (NYSE: FAF). In that role, Portner oversaw strategy, management and marketing for the firm's Database Solutions products, including Data Trace and DataTree. Portner has also held senior management roles at Interthinx, a mortgage fraud solutions provider acquired by First American in 2014, and CoreLogic (NYSE: CLGX).

Portner has made a career focus of innovation and disruption in the financial space. For more than two decades he drove product strategy within the professional accounting products division of Intuit (NASDAQ: INTU). Following Intuit, he served as product line general manager over enterprise resource planning and accounting product lines for Sage (LON: SGE).

"Jim has a remarkable pedigree developing and leading product lines for some of the world's largest financial services and SaaS firms," said Schreck. "He is the perfect fit to lead Cloudvirga's talented product team and take our market-disruptive digital mortgage platforms to the next level."

"Cloudvirga combines a unique approach to mortgage automation with powerful data insights to deliver a perfect loan every time," said Portner. "I look forward to shaping the future of our product line that lets borrowers and loan officers take the guesswork out of selecting the best available loan option."

Portner holds a master's degree in business administration from Emory University; a master's degree in business taxation from the University of Southern California; and a real estate finance degree from California State University, Long Beach.

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $25 million from some of the country's top lenders and venture capital firms. For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

*PHOTO for Media: Send2Press.com/300dpi/17-1214s2p-portner-300dpi.jpg
*Photo Caption: Jim Portner Joins Digital Mortgage Automation Trailblazer Cloudvirga as Chief Product Officer.

Cloudvirga, developer of intelligent mortgage point-of-sale (POS) platforms, has hired Jim Portner as chief product officer. Portner will report to Cloudvirga CEO Michael Schreck and will oversee product strategy, development and marketing for the company's digital mortgage automation platforms.

Related link: http://www.cloudvirga.com/

Docutech and Cloudvirga Partner to Help Loan Officers Work More Efficiently

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), developer of intelligent mortgage point-of-sale (POS) platforms, today announced a partnership with Docutech that will enable Cloudvirga's lender customers to work more efficiently, reduce the cost of document compliance and make the home loan experience more convenient for borrowers.

Docutech is the leading provider of document and compliance technology for mortgage, home equity and consumer lending. Its flagship ConformX(TM) dynamic document generation engine will integrate seamlessly with Cloudvirga's digital mortgage platform, pulling data directly from the POS and leveraging rules-based intelligence to automate the creation of accurate and compliant loan disclosures for all 50 states. The combination of Cloudvirga's comprehensive loan data and Docutech's built-in compliance checks will give loan officers confidence that loan packages are accurate and compliant from the start.

Cloudvirga will also offer Docutech's Solex(TM) eSign and eDelivery functionality. Solex enables borrowers to compliantly review and sign documents using any web-enabled device. When paper delivery of the loan package is required, ConformX print and mail fulfillment service will ensure documents are delivered in the required timeframes.

"By seamlessly combining Cloudvirga's automated workflow, comprehensive guidelines and calculations for all loan products with Docutech's comprehensive suite of document and compliance solutions, we're empowering loan officers to generate disclosures with ease - and to get it right the first time, every time," said Cloudvirga Co-founder and Chief Strategy Officer Kyle Kamrooz.

"Our integration with Cloudvirga enables us to help more loan originators transition away from paper processes that are manual, time-intensive and inflexible in favor of dynamic, technology-enabled processes that streamline operations, improve processing speed and accuracy, reduce cost and delight customers," said Amy Brandt, president and COO of Docutech.

Eight of the top 40 non-bank lenders have chosen Cloudvirga because it re-engineers the mortgage workflow to give consumers greater control over the loan application process and accelerate the mortgage sales funnel for loan officers. The company's digital mortgage technology delivers underwriter-ready loan applications with unmatched speed and quality, resulting in massively reduced costs to produce.

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $25 million from some of the country's top lenders and venture capital firms. For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

About Docutech

Founded in 1991, Idaho Falls, Idaho and Scottsdale, Ariz.-based Docutech offers a wide range of document technology solutions for mortgage, home equity, and consumer lending from document generation to eDelivery, eSign, eClose, and print fulfillment. The company sets the standard in providing market-proven technology and unrivaled customer service to the financial industry. Docutech's knowledge and solutions empower lending professionals to efficiently produce accurate loan packages in all 50 states to ensure compliance with constantly changing laws and regulations. For more information, visit the company's website at http://www.docutech.com or follow them on social media at LinkedIn or Twitter @Docutech.

Cloudvirga, developer of intelligent mortgage point-of-sale (POS) platforms, today announced a partnership with Docutech that will enable Cloudvirga's lender customers to work more efficiently, reduce the cost of document compliance and make the home loan experience more convenient for borrowers.

Related link: http://www.cloudvirga.com/

Cloudvirga’s Kyle Kamrooz Honored with HousingWire Vanguard Award for Mortgage Industry Leadership

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), the developer of intelligent mortgage point-of-sale (POS) platforms, today announced that its founder and COO Kyle Kamrooz is a winner of HousingWire's third annual Vanguard Awards. Kamrooz was recognized for company leadership as well as his substantial contributions to the mortgage industry at large.

Kamrooz has nearly 20 years of senior management experience spanning all areas of residential mortgage lending. He co-developed the enterprise digital mortgage platform that would become Cloudvirga while serving as executive vice president at one of the nation's top 40 mortgage lenders.

Since spinning out Cloudvirga, Kamrooz has established partnerships with some of the industry's most innovative service providers and signed three of the top eight non-bank lenders to Cloudvirga's platform. He has also helped the company raise more than $25 million in two funding rounds supported by leading venture capital firms and some of the industry's largest lenders.

"Cloudvirga's success stems from our obsession with tackling the massive mortgage cost and inefficiency problem," Kamrooz said. "Getting in the trenches with mortgage professionals to truly understand the problems that can be solved with data and automation has been the focus of my career. It's an honor to be recognized for the work that is also my passion."

"Our Vanguard winners represent an incredible cross-section of the industry - the cream of the crop in lending, servicing, investing and real estate," Magazine Editor Sarah Wheeler said. "This group of leaders exemplifies the remarkable depth of talent and expertise in the world of mortgage finance."

Now in its third year, the HousingWire Vanguard Awards program recognizes executives in the housing finance industry for their outstanding leadership in the space. Winners are selected by HousingWire's editorial board and evaluated based on their company and industry contributions.

About HousingWire:

HousingWire is the nation's most influential source of news and information for U.S. mortgage markets, boasting a readership that spans lending, servicing, investments and real estate market participants as well as financial market professionals. Winner of numerous awards, including a 2012 Eddie Award for national editorial excellence in the B-to-B Banking/Business/Finance, HousingWire has been recognized for excellence in journalism by the Society of Business Editors and Writers, the American Society of Business Press Editors, the National Association of Real Estate Editors, and Trade Association Business Publications International.

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $25 million from some of the country's top lenders and venture capital firms. For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.

Cloudvirga, Inc., the developer of intelligent mortgage point-of-sale (POS) platforms, has announced that its founder and COO Kyle Kamrooz is a winner of HousingWire's third annual Vanguard Awards for 2017. Kamrooz was recognized for company leadership as well as his substantial contributions to the mortgage industry at large.

Related link: http://www.cloudvirga.com/

Cloudvirga Names Stephen DeSantis as Chief Financial Officer

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), developer of intelligent mortgage point-of-sale (POS) platforms, has appointed Steve DeSantis as its new chief financial officer. A seasoned technology finance executive, DeSantis will be responsible for driving Cloudvirga's financial strategies to accelerate its growth. He will report to Cloudvirga's recently appointed CEO Michael Schreck.

DeSantis has more than two decades of financial management experience in the technology sector. Over the course of his career, he has raised more than $250 million, taken two companies public and sold three companies.

Most recently, DeSantis was CFO for ShiftPixy(R) (NASDAQ:PIXY), a disruptive human capital management services provider revolutionizing employment in the Gig Economy. ShiftPixy completed its initial public offering in June.

Prior to joining ShiftPixy, DeSantis was CFO for Predixion Software, a predictive analytics software company acquired by Greenwave Systems and Jvion Technologies. He has also held CFO roles for data warehouse solutions developer DATAllegro (acquired by Microsoft) and inventory management solutions providers Nexiant and TCI Solutions (acquired by Retalix).

"Steve's track record of success in growing tech companies is truly impressive. He's the ideal leader to steer Cloudvirga's financial strategy as we continue to grow rapidly," said Cloudvirga CEO Michael Schreck.

"A unique combination of mortgage expertise and technical chops enables Cloudvirga to deliver a best-in-class digital mortgage platform that three of the country's top eight lenders trust," said DeSantis. "My focus will be on mapping a financial strategy that positions Cloudvirga for continued exponential growth."

Just last week, Cloudvirga announced the addition of five top-30 lenders to its client roster. The company has raised more than $25 million in two funding rounds and has the support of both leading venture capital firms and some of the industry's largest lenders.

DeSantis is a Certified Public Accountant (CPA) and holds a bachelor's degree in business and accounting and a master's degree in business administration, both from the University of Southern California (USC) Marshall School of Business. He spent his early career as a staff auditor for Coopers & Lybrand.

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $25 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn https://www.linkedin.com/company/7577062/.

*PHOTO for Media: Send2Press.com/300dpi/17-1121s2p-Steve-DeSantis-300dpi.jpg
*Photo Caption: Cloudvirga has appointed Steve DeSantis as its new chief financial officer.

Cloudvirga, developer of intelligent mortgage point-of-sale (POS) platforms, has appointed Steve DeSantis as its new chief financial officer. A seasoned technology finance executive, DeSantis will be responsible for driving Cloudvirga's financial strategies to accelerate its growth. He will report to Cloudvirga's recently appointed CEO Michael Schreck.

Related link: http://www.cloudvirga.com/

Five Top-30 Lenders Choose Cloudvirga’s Digital Mortgage Platform in Last 100 Days

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(TM), developer of intelligent mortgage point-of-sale (POS) platforms, has signed five of the nation's top 30 non-bank lenders in the last 100 days. The new customers collectively originate over $100 billion in loans annually. The announcement follows the firm's addition of Michael Schreck as CEO in June and the completion of a $15 million Series B funding round led by Blackstone Group portfolio company Incenter in March.

"We are experiencing tremendous momentum as the industry's leading lenders come to know Cloudvirga and experience for themselves the power of a digital mortgage platform that attacks back-office costs," said Cloudvirga co-founder and COO Kyle Kamrooz.

"Our clients range from classic retail mortgage companies to lenders focused on direct-to-consumer loans and include some of the country's biggest originators of government loans and other specialty products," added Kamrooz. "What these diverse lenders have in common is a desire to work with a digital platform like Cloudvirga that delivers proven, scalable savings."

For American Financial Network (AFN), the decision to deploy Cloudvirga's technology boiled down to the company's desire to provide a frictionless home-buying experience for not only its tens of thousands of customers, but also for its 750 loan officers.

"We surveyed the digital platforms available in the marketplace and found Cloudvirga to be the leader in truly tackling the problems of mortgage cost and back-end inefficiency while still providing a terrific consumer experience," said John Sherman, president of AFN.

Cloudvirga re-engineers and automates the mortgage workflow to give consumers control over the loan application process and accelerate the mortgage sales funnel for loan officers. The company's digital mortgage technology delivers underwriter-ready loan applications with unmatched speed and quality, resulting in massively reduced costs to produce.

About Cloudvirga(TM):

Cloudvirga's intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $25 million from some of the country's top lenders and venture capital firms.

For more information, visit http://www.cloudvirga.com or follow cloudvirga on LinkedIn.

*LOGO for Media: Send2Press.com/300dpi/17-1115s2p-cloudvirga-300dpi.jpg

Cloudvirga, developer of intelligent mortgage point-of-sale (POS) platforms, has signed five of the nation's top 30 non-bank lenders in the last 100 days. The new customers collectively originate over $100 billion in loans annually. The announcement follows the firm's addition of Michael Schreck as CEO in June and the completion of a $15 million Series B funding round led by Blackstone Group portfolio company Incenter in March.

Related link: http://www.cloudvirga.com/

Mortgage Automation Pioneer Hires Veteran Tech Entrepreneur Michael Schreck as CEO

IRVINE, Calif. /ScoopCloud/ -- Cloudvirga(SM), developer of next-generation loan officer and direct-to-consumer point-of-sale (POS) systems, has named Michael Schreck its chief executive officer. He succeeds cloudvirga co-founder Bill Dallas, who will continue as chairman of cloudvirga's board of directors.

Schreck joins cloudvirga on the heels of a successful Series B funding round that netted the company $15 million led by Blackstone Group portfolio company Incenter (joining previous investors Upfront Ventures and Dallas Capital). He brings a deep understanding of the digital mortgage space and two decades of experience nurturing leading tech firms as a CEO, venture capitalist and co-founder.

"The mortgage industry has been waiting for decades for a modern, automated and intelligent software platform that drives down costs while improving compliance," said Schreck. "That software is finally here with cloudvirga, built inside a top originator and now in flight at eight of the country's top 40 non-bank originators. Our customers, whether retail or call center, now have a compelling answer to Rocket Mortgage and a proven path to reducing their costs."

Cloudvirga re-engineers the mortgage workflow to give consumers greater control over the loan application process and accelerate the mortgage sales funnel for loan officers. The company's digital mortgage technology delivers underwriter-ready loan applications with unmatched speed and quality, resulting in massively reduced costs to produce.

"Michael embodies the entrepreneurial mindset and enterprise expertise that will define the next phase of cloudvirga's growth," said Dallas. "His record of success leading top-caliber companies and attracting heavyweight global talent will benefit cloudvirga tremendously as the company continues to accelerate."

For 20 years, Schreck has built and led pioneering companies whose innovative technologies enable the world's leading brands to better engage with their customers. He most recently served as managing director of Altisource Labs, an innovation center within mortgage software provider Altisource Portfolio Solutions. In that role, he was responsible for overseeing more than 1,000 employees across four next-generation software and analytics companies, including leading software-as-a-service providers Equator and Mortgage Builder.

Schreck previously held CEO positions at digital publishing firm Zmags and government service provider Corrective Solutions. He also co-founded General Catalyst Partners, a multi-billion-dollar venture capital firm where Schreck helped develop successful startups including Upromise, SmartBargains, m-Qube and CoreMetrics. Collectively, these companies were acquired for over $1 billion by SLM, GSI Commerce, VeriSign and IBM, respectively.

Schreck started his career as a strategy consultant at McKinsey & Company and Monitor Company. He holds an MBA degree from Harvard Business School and a bachelor's degree from Brigham Young University.

About cloudvirga(SM):

Cloudvirga's next-generation loan officer and direct-to-consumer point-of-sale (POS) systems re-imagine the digital mortgage process by leveraging data and automation to address back-office compliance tasks earlier in the loan process, radically cutting overall loan costs, increasing transparency and reducing the time it takes to close a loan for both borrowers and lenders. Founded by top fintech veterans with a proven track record of building mortgage-related technologies, cloudvirga is committed to delivering software that reinvents the mortgage process for lenders and borrowers. Cloudvirga's initial customer roster includes eight of the top 40 non-bank mortgage originators in the United States.

For more information, visit http://www.cloudvirga.com/ or follow cloudvirga on LinkedIn at https://www.linkedin.com/company-beta/7577062/.

* PHOTO for Media: Send2Press.com/mediaboom/17-0613s2p-Schreck-300dpi.jpg
* PHOTO Caption: Michael Schreck joins cloudvirga as CEO.

*Editorial Note: Usage of company name "cloudvirga" is lower case except when starting a sentence, and is a service mark of cloudvirga, Inc.

Cloudvirga(SM), developer of next-generation loan officer and direct-to-consumer point-of-sale (POS) systems, has named Michael Schreck its chief executive officer. He succeeds cloudvirga co-founder Bill Dallas, who will continue as chairman of cloudvirga's board of directors.

Mortgage Automation Pioneer cloudvirga Raises $15 Million in Series B Funding

IRVINE, Calif. /ScoopCloud/ -- cloudvirga(SM), developer of the automated, cloud-based intelligent Mortgage Platform(R) (iMP), announced today it has raised $15 million in a series B funding round led by Incenter, a Blackstone Group portfolio company. The new funding will support cloudvirga as it scales its technology and expands its product offerings.

Cloudvirga's flagship mortgage point-of-sale (POS) system, the iMP empowers consumers to take the helm of a completely re-engineered mortgage workflow that automates the entire initial disclosures process and delivers unmatched transaction speed and efficiency to both borrowers and lenders. Central to cloudvirga's success is its ability to maintain strict regulatory compliance, reduce time to close and save lenders money by moving many traditional back-office tasks to the front of the loan process.

"Unprecedented mortgage regulation has exacerbated an already labor-intensive lending process and inconsistent consumer experience, making our solution more viable than ever," said Kyle Kamrooz, co-founder of cloudvirga. "We are thrilled to have the support of such a well-respected group of investors and look forward to continuing to shake up an antiquated industry process."

According to a key investor spokesperson, the mortgage industry is at a technological tipping point that is uniquely addressed by cloudvirga's innovation and enterprise solution. A fintech company at its core, cloudvirga launched its iMP in early 2016 and has since partnered with several mega and mid-tier lenders to process more than $15 billion in loans.

About cloudvirga(SM)
Cloudvirga is the company behind the cloud-based intelligent Mortgage Platform(R) (iMP) designed to streamline the mortgage process. The platform is digitizing the mortgage industry by leveraging data and deploying an automated workflow to reduce overall cost, increase transparency and shorten the time it takes to close a loan for both borrowers and lenders. Founded by Bill Dallas, Kyle Kamrooz and Mark Attaway, seasoned financial veterans with a proven track record of building mortgage-related technologies, cloudvirga is disrupting the antiquated mortgage industry.

For more information, visit http://www.cloudvirga.com/ or follow cloudvirga on LinkedIn at: https://www.linkedin.com/company-beta/7577062/.

*LOGO for media: Send2Press.com/mediaboom/17-0322s2p-cloudvirga-300dpi.jpg

Cloudvirga(SM), developer of the automated, cloud-based intelligent Mortgage Platform(R) (iMP), announced today it has raised $15 million in a series B funding round led by Incenter, a Blackstone Group portfolio company. The new funding will support cloudvirga as it scales its technology and expands its product offerings.