Cloudvirga, a private firm developing software to automate home loan transactions, has doubled its revenue, due to a surge in new home sales.
Cloudvirga says its 2020 revenue doubled and the company is seeing a similar upward trend this year, according to the Orange County Business Journal.
The growth is spurred by low interest rates and demand from millennials and first-time homebuyers – trends that are expected to continue, according to Cloudvirga.
Cloudvirga’s software lets homebuyers manage their loans from any device. The technology powers nearly $200 billion in loans annually and is used by 10 of the top 20 mortgage originators in America.