Cloudvirga, a provider of a point-of-sale mortgage software, has received $50 million in funding, for a total of $77 million. The investors were lenders and private-equity firms.

Cloudvirga’s clients originated almost $200 billion in loans in 2018, an increase of 54 percent compared with the mortgage loan volume processed in 2017 through its technology.

[caption id="attachment_9384" align="alignleft" width="203"] Michael Schreck[/caption]

According to Cloudvirga, it does business eight of the top-20 mortgage originators in the U.S. The organization has implemented its point-of-sale system with American Financial Network, Fairway Independent Mortgage Corp, Finance of America, Thrive Mortgage and others. “Our continued rapid growth amidst a challenging mortgage climate,” said CEO Michael Schreck. “We’re proud to have welcomed more of the nation’s top lenders … and a mobile-first platform,” one of the first in the mortgage industry.

Last year, Cloudvirga  enhanced its Enterprise POS, launched a mobile POS, and the capability to submit loan data to Fannie Mae’s and Freddie Mac’s automated underwriting system—with a single click.

The technology is designed to automate lender processes, cut loan costs, increase transparency, improve compliance and reduce the time to close a loan.