New agreement will provide QuestSoft HMDA and Fair Lending data collection services for users of the Mortgage Cadence Platform
DENVER; September 21, 2020 – Mortgage Cadence, an Accenture (NYSE: ACN) company, announced today a new partnership agreement with QuestSoft that will provide important data collection and data integrity analysis for users of the company’s advanced digital lending platform, the new Mortgage Cadence Platform (MCP) enterprise loan origination system (LOS). This milestone means that lenders can now seamlessly exchange data with QuestSoft during the mortgage manufacturing lifecycle, increasing productivity and enhancing experience.
“Many technology providers work together on what amounts to little more than a handshake for the benefit of their mutual clients, but this agreement is a much more formalized partnership deal,” said Mark Jones, New Business Development Manager for Mortgage Cadence. “This new partnership is unique in that it didn’t spring from a request from a joint customer, but rather was custom designed by our two teams for the benefit of the entire industry. Any alliance that was just designed to gather HMDA data will be eclipsed by this new partnership.”
For over 25 years, QuestSoft has led the way in simplifying every major lending compliance regulation impacting the mortgage industry, most recently focusing on providing lenders with the tools and guidance necessary to best prepare for the latest changes around the Home Mortgage Disclosure Act (HMDA). As a result of these ongoing changes in regulations, nearly 60 percent of the top 2,000 lenders in the U.S. have leveraged QuestSoft’s individual RELIEF products successfully in their compliance audits.
MCP offers a better borrower and loan officer experience by delivering comprehensive, digital loan origination. This is possible because in addition to the LOS, the system includes a document preparation and delivery engine, complete with eDelivery/eClosing; an advanced imaging system; an advanced Point-of-Sale tool for borrowers and originators; analytics powered by Microsoft Power BI; full reporting and more. The system is accessible via an advanced API, allowing the lender to use nearly any technology or service in the production of their mortgage loans.
“We’ve been working hand-in-hand to satisfy our joint clients in partnership with Mortgage Cadence for many years,” said Leonard Ryan, founder and president of QuestSoft. “In the past, our work was to gather HMDA data and do some data integrity analysis for the protection of our joint clients, but this partnership allows us to do much more for lenders and credit unions. The industry is changing fast and we don’t know what additional changes will come after the November elections.”
Ryan pointed out that the continuation of the current administration could result in a continued focus on Opportunity Zones to further develop small businesses, but if a new administration steps in, regulators may choose to return to a focus on CRA and affordable housing. “In either case, this new partnership with Mortgage Cadence puts us in position to best serve the needs of our lender customers,” Ryan said.
About Mortgage Cadence
Since 1999, Mortgage Cadence has been providing the best people, process, and technology for enterprise and mid-market lenders who desire to deliver an exceptional borrower experience. From point-of-sale through post-closing, Mortgage Cadence offers an end-to-end digital lending platform solution that has 86% of their clients outperforming MBA average Cost-to-Close.
Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, banking and credit union industries. QuestSoft combines 20+ years of mortgage regulatory, CRA and Fair Lending compliance analytics, data management and software design expertise with best-in-class customer service to consistently improve client compliance accuracy and facilitate smoother regulatory audits. QuestSoft products, interfaced with over 40 LOS providers, enable more than 2,500 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. For more information, call 800-5754632, ext 1, or visit www.questsoft.com.
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