As the cost of originating a loan continues to rise and borrower satisfaction becomes increasingly important, Mortgage Cadence is formally launching a new platform to address both trends.
The Mortgage Cadence Platform (MCP) is the most modern digital lending platform on the market, and includes Mortgage Cadence’s borrower portal, imaging, document, collaboration and mortgage service integrations. MCP is the ultimate single system of record.
Offered through the Microsoft Azure Public Cloud, the platform provides anytime, anywhere access and an infinitely scalable platform.
The wide breadth of services the MCP encompasses benefits lenders through streamlined processes and backend efficiencies and benefits borrowers through status updates, secure access and centralized documents.
Mortgage Cadence has reimagined lending technology by putting user experience first. With a borrower dashboard that makes applications faster, easier and more transparent through to close and unique pipeline views for each platform user that helps them prioritize their work based on deadlines, the MCP is poised to change the way teams collaborate.
The Loan Officer Experience and borrower portal offer real-time communication, automatic service ordering, instant status updates and generation of pre-approval letters, which ultimately reduces labor for both the borrower and the lender.
The Mortgage Cadence Platform is also the only comprehensive, single system of record technology that is extensible through an open API layer, allowing lenders to connect with third-party providers of their choice, including verification, valuation, title, fee, flood, credit, MI and compliance services.
Lenders that use MCP experience streamlined efficiencies thanks to the single system of record that the platform provides. Because it eliminates the need to rekey data, MCP increases efficiency, compliance and data integrity.
The Mortgage Cadence Platform also includes a configurable rules engine that reduces risks, integrates to exceptional third-party solutions providers, and improves automation and validation to help lenders close more loans, faster.
Users of MCP appreciate the platform’s ease of use and implementation and its capability for advanced customization and automation throughout the entire mortgage process. Using Mortgage Cadence technology, lenders can rely on system data to make decisions that drive profitability.
Mortgage Cadence clients are some of the highest performers in the industry. The MBA average for Productivity is 2.0 loans per employee per month, and the average for originators that rely on Mortgage Cadence technology is 3.33 loans per employee per month – an increase of more than 66%.
In addition, Mortgage Cadence’s top-performing lender was able to close 10.18 loans per employee per month with Mortgage Cadence’s technology powering their customized workflow.
Mortgage Cadence clients are also outperforming the competition when it comes to cost-to-close. While the MBA average cost-to-close in 2018 was $8,975, the Mortgage Cadence client average came in at $5,463 to close a loan – a savings of more than $3,000.
Looking toward the future, Mortgage Cadence wants to help the industry see new ways of thinking about how to grow their business. The next phase of the company’s information and education is around how to take a transactional relationship with a borrower and turn them into a customer for life.
Pete Espinosa, CEO
Pete Espinosa joined Mortgage Cadence in January 2020 after successfully leading global sales initiatives at IBM, Vignette, Retek, Guidewire Software and CSC, now DXC. He has been recognized by the National Leadership Institute with its esteemed Eagle Award and is a former executive of the year at IBM.
Anji Damman, Chief Strategic Initiatives Officer
Anji Damman serves as chief strategic initiatives officer of Mortgage Cadence and is an Accenture Technology managing director. Damman began working with Mortgage Cadence in May 2019, leading the Mortgage Cadence Platform (MCP) program.
Brian Davis, CIO
Brian K. Davis serves as chief information and platform officer of Mortgage Cadence and is an Accenture managing director in the Technology Intelligent Cloud & Infrastructure (ICI) practice. Davis began working with Mortgage Cadence during the summer of 2018.