From new resources and tools to key hires and promotions, get the latest industry buzz in this update.
First American Financial Corporation, a global provider of title insurance, settlement services, and risk solutions for real estate transactions, announced the launch of the First American Innovation Center, an online information resource designed to provide a glimpse into the initiatives and people driving innovation within the company.
The Innovation Center will feature thoughtful posts from First American experts examining the market forces and technology reshaping the process of buying and selling property in the United States.
“The real estate and mortgage finance industries are undergoing dramatic changes as technology and consumer demand for an enhanced experience create opportunities for innovation,” said Dennis Gilmore, CEO at First American Financial Corporation. “First American and our people are at the forefront of these changes, driving innovation to improve the customer experience, enhance security and accelerate the real estate transaction process.”
Cloudvirga recently announced the promotion of Daniel Sogorka to CEO. Sogorka, who joined Cloudvirga as Chief Revenue Officer in January this year, has more than 20 years of experience removing inefficiency and costs from the mortgage industry.
“In a short period of time, Dan Sogorka has had a profound impact on Cloudvirga’s growth, and he is without question the right person to take this company to the next level,” said Cloudvirga Co-founder Mark Attaway. “Already, he has built an expert sales and marketing team from the ground up, has filled our sales pipeline with the country’s leading mortgage originators, and has been instrumental in building out the technology partnerships required to realize Cloudvirga’s digital mortgage vision.”
“There is a lot of talk about the ‘digital mortgage,’ but so far the industry has fallen short on its promise,” said Sogorka. “Cloudvirga is uniquely situated to finally deliver a transformational experience for both consumers and originators, with the right combination of industry expertise, technology and people.”
Angel Oak Mortgage Solutions, LLC, a wholesale and correspondent non-QM lender, announced the launch of QuickQual. This loan tool will enhance the ease and speed at which loan officers (LOs) can determine borrower eligibility for non-QM loans.
QuickQual, powered by LoanScorecard, delivers loan eligibility decisions within a matter of minutes, eliminating a process that used to take up to 24 hours. The automated underwriting system (AUS) instantly produces a loan eligibility report, which is also sent to the appropriate Angel Oak Account Executive (AE). If the report indicates a successful pass, the LO can submit the loan with the click of a button. However, should the results flag any issues, the AE is able to view the full file, including the analytics behind it so they can identify potential challenges and address them.
“Customer service is in our DNA, integrating QuickQual shows our dedication to client satisfaction,” said Tom Hutchens, EVP of Production at Angel Oak Mortgage Solutions. “We realized right away that we couldn’t use an off-the-shelf solution. That’s why we spent the last 18 months working collaboratively with LoanScorecard to develop a custom solution that elegantly addresses the LO’s need for speed and confidence and, at the same time, aligns with our world class AE expertise. QuickQual is synchronized with our current processes, including the Salesforce integration to ensure a smooth transition.”