Mortgage Cadence, an Accenture company, has released version 2.0 of its new Mortgage Cadence Platform (MCP) loan origination system.
While MCP has been available for new customers since its launch late last year, with the release of 2.0, the company has officially retired its legacy enterprise lending platform and migrated all existing enterprise customers to the new platform.
“It’s exciting to be able to focus on the future and free our team to build out our next generation technology to meet our lender partner’s needs,” states Seth Hooper, chief product officer at Mortgage Cadence. “It’s very empowering, and we’ve already had a tremendous response to the new platform.”
Delivered in the Microsoft Azure Public Cloud, the loan origination system (LOS) provides a secure, scalable system, accessible from anywhere and on any device. Inclusive of point-of-sale through closing collaboration tools, MCP is both complete and easily configurable, offering rules-based workflow, UI designer tools and an open architecture.
The 2.0 release includes over 50 new features with key areas of focus in product and pricing enhancements, UI Designer improvements, new vendor integrations, and services-related features. MCP 2.0 includes standardized MI integrations to six major MI providers using the services hub platform (Arch, Enact, Essent, MGIC, National, Radian) supporting rate quote, delegated and non-delegated certificate orders; integrated, on-platform title ordering; additional fee estimation integration option through Closing Corp.; Compliance Ease Compliance Analyzer integration; and Clover Connect support for credit card payment collection of fees.
“Lenders can do everything right and still lose money if they don’t manage their secondary marketing well,” says Aaron Nelson, MCP’s product manager at Mortgage Cadence. “With access to better tools, lenders can mitigate this risk, which is why we’ve already built a number of product, pricing and eligibility (PP&E) options into the MCP 2.0 platform, with more on the way.”
In an effort to help lenders tame their own document-heavy process, MCP 2.0 offers an enhanced document management user experience that streamlines document interactions. This limits exception processing and increases lender efficiency.
“MCP has taken our development efforts around a corner, allowing us to leave the legacy behind and break the shackles that still hold our competitors back,” Hooper adds. “It’s time for lenders to have the power to personalize the experience for their teams, creating workflows easily with rule-driven capabilities that allow them to make this LOS their own. With workflow collections onboard and available to lenders plus the ability to make the system work the way they want, lenders have never had this much power available to them.”