Closing on a mortgage loan is not a linear process — it’s a collaborative one. The ability to share data, information and ideas between all parties involved in the closing transaction needs to evolve beyond the 20th century status quo. Collaboration Center by Mortgage Cadence offers a better way.
Collaboration Center reinvents the way in which lending professionals and settlement service firms share documents, provide updates and communicate to deliver a timely, cost-effective closing.
Frontline professionals who were once required to scour endless e-mail chains, wrestle with proprietary and siloed tech or even come up with on-the-fly hacks and workarounds to get the job done can now go to a single place to share information and communicate.
“Collaboration Center is the first product that doesn’t force everyone to change the way they do business in order to cross-collaborate; it can work in any platform, while still keeping everything seamless and secure,” said Bryan Ireton, Accenture’s managing director for Mortgage Cadence.
“A few other systems promoted themselves as the answer to the often-siloed closing process. Those systems, however, required time-sucking integrations as well as massive data-uploads just to get started,” Ireton said.
In contrast, Collaboration Center requires no integrations, no new hardware and no massive data entry. And title firms don’t have to be using the “right” production system to use it.
Collaboration Center is unique in the marketplace thanks to its simplicity, scalability, efficiency, security, data quality, and ease of integration.
Simplicity: Collaboration Center works with all existing transaction management and loan origination systems, seamlessly. No more jumping between tabs or applications.
Scalability: Collaboration Center is built on a scalable architecture that can handle every loan the industry originates.
Efficiency: Collaboration Center quickly determines what documents must be reviewed and instantly identifies changes between versions so there’s no more digging for the latest version or comparing the wrong documents, ultimately reducing labor costs.
Security: Collaboration Center provides interactive user role configuration, ensuring that the only parties that see the consumer’s PII are authorized to do so. Our hardened infrastructure and email-free process protects all parties from cybersecurity threats.
Data Quality: Fast, easy data mapping with no rekeying increases data quality and produces higher quality loans.
Ease of Integration: Collaboration Center includes the industry’s best API developer’s portal and support. Even better, it’s built into Mortgage Cadence loan origination technology, giving access to all current business partners.
“Collaboration Center drives more revenue and more profit for clients. With less time spent on manual processes, that time can be spent focusing on the next loan. All while reducing costs, increasing efficiency, mitigating risk and ensuring a far better borrower experience than the industry offers today,” Ireton said.
PRODUCT: Collaboration Center
SNAPSHOT: Collaboration Center is a web-based industry utility that acts as the secure private cloud to connect the people and systems in the real estate and home finance industries. Once a connection is established, data and documents flow to any person or system with a verified connection to the cloud.