Global management consulting, outsourcing and tech company Accenture (NYSE: ACN) today announced it will acquire Mortgage Cadence in an effort to expand its footprint in the mortgage origination software business.
Under the terms of the acquisition, Mortgage Cadence will become part of Accenture with its software becoming incorporated into Accenture Credit Services. Mortgage Cadence technology will become Accenture’s core loan origination platform to process mortgages on behalf of its outsourcing clients.
“The U.S. mortgage industry is entering an era in which efficiency, speed and the customer experience will be more crucial than ever in determining winners and losers,” said Terry Moore, global managing director of Accenture Credit Services. “By adding this key mortgage processing asset, we will enhance our end-to-end credit services capabilities and bring a new generation of mortgage processing services to the industry. This offers lenders improved speed-to-market, cycle-time, costs, and productivity.”
Mortgage Cadence offers reverse mortgage origination solutions as one of its product types, which span origination, processing, underwriting, closing and post-closing processes.
“Traditional loan origination technologies have become too complex and cumbersome to meet today’s market demands,” said Michael Detwiler, CEO of Mortgage Cadence. “Because our software is rules-based and highly configurable, it can help lenders accelerate new product introductions, more easily adapt to changing regulatory requirements, and reduce overall cost structures. By combining our technology with Accenture’s mortgage processing and software development capabilities, we can deliver more holistic and advanced solutions that will help lenders compete.”
Mortgage Cadence’s staff of 190 will join Accenture Software under the agreement.
Terms of the deal were not disclosed.
Written by Elizabeth Ecker
