"Compliance, specifically, ensuring that the systems our customers use throughout the mortgage cycle are compliant, is one of our main guiding principles."
January 15, 2013 – Mortgage Cadence LLC, a leading provider of Enterprise Lending Solutions (ELS), Document Services, Compliance and Default Servicing Technology for the financial services industry, announced today its readiness to meet the new Qualified Mortgage (QM) Rules released on January 10, 2013 by the Consumer Finance Protection Bureau. The Rules are slated to go into effect on January 1, 2014.
“The ability to repay and QM requirements have effectively forced credit underwriting guidelines into a regulatory compliance obligation," said Mortgage Cadence's Chief Legal and Compliance Officer, John Levonick. "While compliance with them appears cumbersome, and could be, lenders that have tight origination and quality control processes supported by the proper QM configuration within their loan origination system of record should not have any issues with these new requirements," he continued.
Mortgage Cadence's two lending solutions, Symphony and Orchestrator, are designed to solve for these rules and others like them. Both platforms are helping their users manage today's myriad compliance requirements in a variety of ways. Each has robust connections to the GSEs automated underwriting systems, a key to meeting the QM Rules. "Our customers will be ready to meet the Qualified Mortgage requirements ahead of schedule thanks to the Symphony and Orchestrator platforms," said Levonick. "Lending today without sophisticated tools simply isn't possible if lenders hope to thrive."
"Compliance, specifically, ensuring that the systems our customers use throughout the mortgage cycle are compliant, is one of our main guiding principles," said CEO of Mortgage Cadence Michael Detwiler. "Today's regulatory environment is more dynamic than at any time in the past. Our systems and our approach to compliance let our customers concentrate on lending, ensuring borrowers close on time. That's what mortgage finance is all about," he stated.