has a new loan origination system for lenders that responds to regulatory changes within 24 hours, reduces pricing variances and secures data integrity.
The Denver-based mortgage technology company said its Symphony product meets the needs of any size financial institution. But the system specifically fills a gap for small and mid-tier lenders, who are under "enormous pressure … to manage a more complex mortgage process," according to Mortgage Cadence.
"All but the nation’s largest lenders have had to settle for substandard loan origination automation for far too long,” said Chuck Kimball, executive vice president at Mortgage Cadence. "Lenders of all sizes deserve an LOS that offers them all of the compliance support, time-saving features and reliability that the nation’s Top-100 lenders have come to expect. With this offering, we’re giving it to them."
The company said new federal and state regulations, more stringent investor guidelines and reduced margins are hurting mid-tier lenders. And the Symphony application helps them improve processes through "collaborative process capabilities, real-time data access, a branded Web site and a redundant infrastructure providing 24/7 availability, security and disaster recover."
Write to Jason Philyaw