Mortgage Cadence Touts Loan Modification, Reverse Mortgage Capabilities

Denver-based Mortgage Cadence, Inc. said Monday that its flagship Orchestrator platform has been adapted to manage loan modifications and offer expanded support for reverse mortgage originations. The number of distressed mortgages within the industry is growing at a rapid rate. CEO Michael Detwiler said the company's platform offers an enterprise lending and document solution that enables lenders to automate the modification of troubled mortgages.

The Orchestrator platform's rules engine and workflow technology allows for automated analysis and task completion, he explained. Leveraging this technology, the company says that lenders can easily compare servicing performance, review original loan documentation and data, run custom DTI, LTV, and foreclosure calculations, and automate vendor service ordering and fulfillment to reduce the cost per loan modification.

The company also said its platform will help lenders manage new mandatory live pricing requirements for reverse mortgages recently introduced by Fannie Mae (FNM: 0.73 -24.74%). "With private investor purchasing and proprietary portfolio products going away, lenders will find it difficult to ignore Fannie Mae's new pricing requirements," the company said in a statement. "What many lenders do not understand is that incorporating the new mandatory live pricing and delivery requirements into their pricing strategy opens them up to exposure and increases the risk and challenge of correctly pricing and delivering loans."

Detwiler said the Orchestrator platform offers a streamlined approach to mandatory live pricing, and puts reverse lenders in a position to minimize risk, optimize market opportunities, and competitively price reverse loans to the broker base. For more information, visit http://www.mortgagecadence.com.