Plaid integration enhances verification workflows and supports cash-flow-based lending

Cloudvirga, a Stewart-owned provider of digital point-of-sale platforms for lenders, has announced a new integration with Plaid, the data network powering the digital financial ecosystem, for income and asset verification. This partnership leverages Plaid’s best-in-class data network to simplify the verification process for both lenders and consumers.

Through Plaid's Home Lending Report, Tropos can now provide streamlined income, asset and employment verification within a single workflow. Rather than relying on multiple vendors, reports and databases, lenders can access verification data from one source, reducing administrative burden, lowering costs and improving operational efficiency. Because Plaid securely connects directly to consumers' financial accounts, lenders can obtain more reliable verification results while creating a faster, more seamless experience for borrowers.

The integration also complements Cloudvirga’s new bank statement analysis technology, which enables lenders to analyze cash-flow data to determine qualified income for borrowers with non-traditional income sources. By allowing borrowers to securely connect their financial accounts through Plaid, lenders can access the required transaction data without requiring applicants to locate and upload multiple bank statements, creating a more efficient process for both lenders and borrowers.

"We’re focused on partnering with companies that materially improve both the lender and borrower experience, and Plaid does exactly that," said Maria Moskver, CEO of Cloudvirga. "The depth and quality of bank data access through Plaid simplifies what has historically been one of the more complex parts of the process: income verification. For lenders, that creates an opportunity to serve a broader range of qualified borrowers with greater confidence and efficiency."

The Home Lending Report is approved for use by the government-sponsored enterprises (GSEs), helping lenders satisfy verification requirements while reducing underwriting friction. By leveraging verification data sourced directly from consumers' financial accounts, lenders can move qualified borrowers through the mortgage process more efficiently and with greater confidence.

"Mortgage lenders are looking for ways to reduce complexity while delivering a faster, more transparent experience for borrowers," said Adam Yoxtheimer, Head of Partnerships at Plaid. "Plaid’s integration with Cloudvirga makes that possible by reducing operational overhead for lenders, and ultimately giving borrowers more confidence in a digital lending experience through secure and seamless connectivity."

About Cloudvirga

Cloudvirga is a leading provider of digital point-of-sale platforms designed to engage borrowers and increase lending efficiency. Its modular solutions help lenders streamline the loan process, improve accuracy and scale operations without sacrificing the human touch. Cloudvirga is a subsidiary of Stewart Information Services Corporation (NYSE:STC), a customer-focused, global title insurance and real estate services company. For more information, visit https://www.cloudvirga.com.

Tags: @Cloudvirga

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