"Both firms report higher efficiency and better risk management, at the same time they are providing a fully integrated digital experience for borrowers."
Collaboration Center offers higher efficiency, lower fraud and lower health risk
DENVER; May 12, 2020 – Mortgage Cadence, an Accenture (NYSE: ACN) company, has announced that Service Credit Union, a $3.8 billion dollar financial institution, and Covius, a comprehensive settlement services provider, are now using the company’s Collaboration Center software to conduct business in a manner that is completely free of email. As a result, both firms report higher efficiency and better risk management, at the same time they are providing a fully integrated digital experience for borrowers.
In addition, as more borrowers consider closing home loans remotely, having a secure method of collaborating over distance has become more important. “We feel we are in a great position for this type of pandemic situation thanks to Collaboration Center,” said Crystal Long, Senior Manager – REL Operations and Business Integrations for Service Credit Union. “We now have additional security as well as a fluid process for working with our title company partners. We didn’t skip a beat due to COVID-19 and are very grateful.”
“This is exactly how we hoped to see lenders and title companies using Collaboration Center,” said Peter A. Espinosa, Accenture Mortgage Cadence CEO. “Everyone knows that the loan origination process has long been hindered by disparate systems all trying to be the hub of the transaction when, in fact, the lender’s LOS is the central database of record. Collaboration Center allows any party to the transaction to use any technology they wish. Loans are closing faster and industry data has never been more secure.”
Collaboration Center is an enterprise-grade communication and collaboration tool that meets the needs of mortgage lenders, title and settlement agents, real estate professionals and others working in the mortgage lending arena. The system automates processes, manages documents and data, enables communication and fosters real-time interaction—all within a secure environment.
“Disparate systems are the enemy of effective collaboration,” said Joe Chappell, Executive Vice President at Covius Settlement Services. With nearly 25 years of experience in technology and information products, Chappell knows the importance of data security. “Collaboration Center mitigates the risk email introduces into our transactions.”
Collaboration Center completely does away with the email inbox, reducing the chance that employees might inadvertently expose private customer information by sending it via email. Eliminating email also decreases the risk of phishing, Business Email Compromise, Email Account Compromise, and wire fraud.
Rather than another standalone portal, Collaboration Center is tightly integrated with Mortgage Cadence’s Loan Origination Systems, Enterprise Lending Center and Loan Fulfillment Center. As an innate feature of the LOS, it creates a fully integrated and comprehensive digital experience for loan processors and title agency personnel. Collaboration Center is also tightly integrated with the Covius title and closing system.
“As part of our initiative to go paperless, we implemented our Mortgage Cadence LOS and Collaboration Center at the same time,” Long said. “We went paperless in five months and now we ask all of our title company partners to use Collaboration Center, not just to mitigate risk but also for a better borrower experience.”
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.
About Service Credit Union
As a dynamic, member-owned, not-for-profit financial cooperative, Service Credit Union is dedicated to offering quality financial services and products. In 1957, the credit union was established to provide affordable credit to the Pease Air Force Base community. Now the largest credit union in New Hampshire, with over $4.1 billion in assets and 50 branch locations in New Hampshire, Massachusetts, North Dakota and Germany, we continue to serve our communities and provide a better future to our members. For more information, visit servicecu.org or call toll free 1-800-936-7730 in the U.S. and 00800-4728-2000 internationally. Follow us on Twitter at @ServiceCU, Instagram at @ServiceCreditUnion and Facebook at facebook.com/ServiceCreditUnion.
Service Credit Union
Service Credit Union
Covius is a trusted provider of services, insight and technology to leading financial companies. Covius’ technology-enabled solutions deliver operational efficiencies, mitigate risk and empower compliant decisions and borrower interactions. Its solutions span Originations, including comprehensive title and settlement services, Servicing and Capital Markets. The company was named a 2020 HousingWire Tech100 winner. For more information about the company and its services, visit covius.com.