Seeking to strengthen its business-process outsourcing services and add best-of-breed mortgage origination software to its portfolio, global consulting firm Accenture is reportedly buying loan originations and document management services firm Mortgage Cadence. Terms of the deal were not disclosed.
As per the agreement, Mortgage Cadence's software will be incorporated into Accenture Credit Services, which provides consulting, technology and outsourcing services to financial institutions. The division will use the technology as a core loan origination platform to process mortgages. In addition, Mortgage Cadence's approximately 190 employees in the U.S. will join Accenture Software.
‘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, in a release. ‘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's portfolio of cloud-based and on-premises software includes mortgage origination, processing, underwriting, closing and post-closing solutions. The company also offers electronic mortgage document management and imaging systems.
Michael Detwiler, CEO of Mortgage Cadence, said that by combining Accenture's mortgage processing and software development capabilities with his firm's technology, ‘we can deliver more holistic and advanced solutions that will help lenders compete.’