DENVER, CO; July 16, 2015 – With the release of the latest version of the Accenture Mortgage Cadence Loan Fulfillment Center platform, Accenture (NYSE: ACN) has completed enhancements to all of its mortgage lending platforms to provide lenders with the required functionality to lend compliantly with the TILA-RESPA Integrated Disclosure (TRID) rule, which now, pending a final rule from the CFPB, goes into effect on October 3, 2015.
The TILA-RESPA Integrated Disclosure rule eliminates legacy mortgage loan documents and replaces them with two new forms: the Loan Estimate and the Closing Disclosure. Seemingly simple, this regulation requires extensive changes to documents, calculations and legacy processes. In order to support customers with the changes, version 15.0 of the Loan Fulfillment Center delivers the revised calculations, new documents, and new rules around document timing and delivery requirements as indicated by the regulation.
The Loan Fulfillment Center is Accenture Mortgage Cadence’s retail-focused, cloud-based loan origination solution. For lenders in need of a powerful yet cost-effective loan origination system with TRID-specific functionality, Loan Fulfillment Center is an ideal solution. Features in this new release include:
- Support for the new Loan Estimate and Closing Disclosure, including the new TILA-RESPA data points and supporting calculations;
- Three business day advance delivery of Closing Disclosures to consumers, as required by the regulation; and
- New options to provide comparison data for fees and Changed Circumstance information.
“Accenture’s portfolio of mortgage lending solutions can help lenders with their compliance obligations under the TRID rule ahead of the effective date,” said Paul Wetzel, senior product line lead, Accenture Mortgage Cadence. “Accenture Mortgage Cadence has a reputation of upgrading our technology well in advance of lender compliance deadlines, and the Loan Fulfillment Center 15.0 release is another example of our commitment. This success is a direct result of dedicated teamwork, talented staff, and customer engagement.
Accenture recently released Enterprise Lending Center version 8.0. This release, combined with the Loan Fulfillment Center release now enables all Accenture Mortgage Cadence clients to be ready with the tools they need to comply with all TILA-RESPA Integrated Disclosure requirements before the effective date.