By: Patrick Barnard for MortgageOrb, "Digital Mortgage: Lenders Must Focus on Security," featuring an interview with Paul Wetzel of Mortgage Cadence
PERSON OF THE WEEK: The e-mortgage has been evolving for several years now and the mortgage industry is very close to achieving a true, end-to-end, fully digital mortgage process. Although some roadblocks remain, particularly with regard to the acceptance of e-notarization and e-notes, “hybrid” e-mortgages, where most of the process is digital, are now quite common.
However, there still is no standard approach to how lenders do e-mortgages, which is not a surprise when one considers all the different technologies that are used – plus the fact that each lender uses a slightly different process, depending on the type of mortgage being originated and other factors. Therefore, it is important to view the e-mortgage as constantly evolving – not something that’s set in stone. As regulations and market forces continue to re-shape the mortgage industry, the e-mortgage will, by design, reflect those changes.
RADNOR, PENNSYLVANIA – February 7, 2017 – Essent Guaranty, Inc., a nationwide provider of mortgage insurance (MI) and Mortgage Cadence LLC, an Accenture Company, announced today that ordering Essent MI services through the Mortgage Cadence Enterprise Lending Center (ELC) loan origination solution (LOS), is now even easier for underwriters. The Essent MI integration, already available to lenders through Mortgage Cadence’s LOS, now provides even greater efficiency.
“With the enhanced Essent MI integration within Mortgage Cadence’s ELC, lenders can access a greater array of MI products, premium payment types and coverage choices, and thus gives them many options to offer borrowers,” said Bill Kaiser, Essent Guaranty’s chief operations officer. “Essent believes that clients will be elated to take advantage of the process automation afforded by this sophisticated integration that will save time and minimize human error.”
The core features that Mortgage Cadence’s Enterprise Lending Center offers lenders helps them to reduce cycle time and cost, while giving them the tools to maintain compliance. The Essent Guaranty MI integration complements these core features by letting lenders provide detailed MI quotes to borrowers at time of origination and, further, affords lenders a rich variety of MI options, while never leaving ELC.
“Mortgage Cadence is continuously working on third-party integration options to best serve our clients’ long-term needs. This integration with Essent is just one great example of our commitment to help our customers enhance efficiency and reduce risk through full featured integrations. We look forward to broad use of the Mortgage Cadence Essent integration,” said Mortgage Cadence’s EVP of Product Management, Paul Wetzel.
Essent Group Ltd. (NYSE: ESNT) is a Bermuda-based holding company (collectively with its subsidiaries, “Essent”) which, through its wholly-owned subsidiary Essent Guaranty, Inc., offers private mortgage insurance for single-family mortgage loans in the United States. Essent provides private capital to mitigate mortgage credit risk, allowing lenders to make additional mortgage financing available to prospective homeowners. Headquartered in Radnor, Pennsylvania, Essent Guaranty, Inc. is licensed to write mortgage insurance in all 50 states and the District of Columbia, and is approved by Fannie Mae and Freddie Mac. Essent also offers mortgage-related insurance, reinsurance and advisory services through its Bermuda-based subsidiary, Essent Reinsurance Ltd. Additional information regarding Essent may be found at www.essentgroup.com and www.essent.us.
Source: Essent Group Ltd.
By: Progress in Lending, "Here's What the Future of Mortgage Technology Innovation Will Look Like," featuring guest panelist Paul Wetzel of Mortgage Cadence
For the sixth consecutive year, PROGRESS in Lending Association hosted its groundbreaking ENGAGE Event. The event is designed to engage the mortgage industry to discuss and find solutions to so many pressing industry issues. This was a frank and thorough exchange of ideas and tips about how to solve the problems that face the mortgage industry. Yesterday we reported on what the speakers said about the future of mortgage regulatory compliance.
By: Paul Wetzel, "The Mortgage Technology Revolution," for Tomorrow's Mortgage Executive
In a not-so-distant past, lenders were pushing paper around on carts, hoping their intern or temp staffer was properly classifying files, and wishing there was a better way. Crazy to think this was reality just before the turn of the century – with some riding far into the 2000s with this approach. Now, it’s almost expected that our entire world be digital. Not just digital, but truly advanced in a way that supports even the industry’s leading lenders’ competitive goals. In our world, we call this “enterprise-grade” technology. The definition has changed throughout the ages; let’s travel through time to take a look back at enterprise-grade and what is required now to earn the title.
Read the full article here.
By: Tomorrow's Mortgage Executive, "A Bright Future Lies Ahead in Loan Origination," Featuring Paul Wetzel and Brad Thompson
The term loan origination system or LOS is bandied around a lot in mortgage lending. The LOS is the core system of record that lenders rely on. However, LOS companies have not been known to innovate and are often blamed for holding lenders back from innovating themselves. That’s what has made Mortgage Cadence so successful. The company has always managed to stay ahead of the curve.
Read the full article here.
DENVER; April 27, 2016 – Mortgage Cadence, an Accenture (NYSE: ACN) company, has released two new business intelligence “dashboards” for Enterprise Lending Center—the company’s cloud-based loan-origination platform—that are designed to help mortgage lenders enhance operational efficiency, increase throughput and maximize profitability.
The two dashboards are Business Intelligence for the Enterprise Lending Center (ELC), which gives lenders greater insight into real-time loan activity, and Business Intelligence for ELC’s Imaging Center, which reduces document bottlenecks to increase productivity. Both dashboards are add-on features that enable mortgage lenders to easily access all the data they need to run their business, on demand.
Business Intelligence for ELC includes pre-defined, standard dashboards, using key performance indicators to measure loan, department and user activity. Highlights of this new tool include:
- standard and custom dashboards to easily see statistics at-a-glance, including those for compliance tracking and portfolio management;
- actionable intelligence on customized, real-time loan activity, enabling lenders to reassign loans within a department and open loans directly from the dashboard;
- role-specific dashboard screens, e.g. loan origination, processing, and underwriting, that leverage existing security parameters;
- the ability to analyze activities within departments, track bottlenecks and identify areas for improvement.
Business Intelligence for ELC’s Imaging Center includes out-of-the-box dashboards designed to analyze throughput, individual performance, and document bottlenecks. Imaging Center, Mortgage Cadence’s electronic document imaging and management system, now benefits from Business Intelligence features, which include:
- drill-down tools to display the number of batches, documents, and pages processed over time;
- data visualization for real-time trend analysis and process optimization;
- out-of-the-box web-based dashboards; and
- role-specific dashboards, which create customized displays for each user.
“Lending successfully in today’s highly regulated, constantly changing landscape requires not just the right people and processes, but also the right tools,” said Paul Wetzel, product management lead for Mortgage Cadence. “At Mortgage Cadence, we aim to exceed lenders’ needs not just today, but also in the future. Our new Business Intelligence tools will enable our clients to make smarter decisions based on real-time data that is already broken down for them, giving them greater empowerment and ownership of their processes.”
By: Paul Wetzel, "Back to the Future of Lending," for CMBA News
The year was 1985. As the DeLorean flew its way into the year 2015, we got a “sneak peek” at what was to come 30 years into the future. With technology gaining momentum unlike anything previously seen with the rollout of personal computers, the internet and cell phones, the future was open to wild interpretation. In the film “Back to the Future”, they ran with this idea, and what we got was extraordinary. Flying cars, hover boards, and self-lacing shoes were all prominently featured in the film. While these concepts may not have come to fruition, many others did.
One example: conference TVs were added as another ambitious example of the potential future of technology. In this case, the film got it right. Not only is video conferencing technology a common aspect of our everyday lives, we can even take video calls from our cell phones.
What can be learned from this ironically timeless movie? Technology continues to accelerate at an increasingly fast pace. For over the past 30 years, the sky has been the limit for technology companies, and the future continues to look bright. For the mortgage industry, the acceleration in mortgage technology has really only taken shape over the past 15 to 20 years. What was once an industry run largely on paper has slowly transitioned into one run on cloud-based, rules-driven technologies.
Such an advancement has been nothing short of remarkable for the industry. An original focus on gaining greater productivity and ensuring compliance is now delivering very real benefits to borrowers. With such tech-savvy consumers, lenders realize they must continue to use ever-advancing technology to make borrowers’ lives easier; if they do not, the consumers will go elsewhere.
The industry has been buzzing over the Millennial generation for the past couple of years. There is no question that this market segment will ultimately dominate the industry, but many Millennials are not yet ready to buy homes. Lenders and vendors alike must stay vigilant as they prepare for this new wave in lending.
The question becomes: Where should lenders start in dealing with Millennials?
There are two simple answers to this complex question.
First, lenders must work towards creating internal processes that allow them to be as streamlined as possible. Tomorrow’s borrowers require speed and responsiveness. By educating staff, creating integrated connections with ancillary services to the core system, and creating rules-driven workflow, lenders can improve productivity. By taking a fresh look at this now that we are post TILA RESPA, lenders can see their cost-to-close decrease, their throughput increase, and overall business operations improve. Creating and/or revisiting stale metrics designed to track improvements over time will also help track performance and define real benchmarks for future enhancements.
Second, lenders must partner with technology providers that are both forward-looking and stable. Longevity in such a tumultuous industry shows which vendors have been able to keep pace with the times. While most vendors have slowed their focus on borrower-facing technologies in order to comply with regulations – most recently TILA RESPA – we are entering a time that will separate those vendors that are just surviving from those who are thriving. Refocusing development efforts on key initiatives that prepare lenders for the future generation of borrowers will shape the future of the mortgage industry. Take this time to reevaluate your current technology partners, ask for their roadmap, and ask yourself if they have taken your feedback into consideration over the years. A true vendor should ultimately be a partner, working in collaboration to help shape the future of the technology.
We are in a truly transformational era in the mortgage industry. Coming out of period of intense industry regulation and entering uncharted territory can leave the industry wondering what is to come. Fortunately for lenders, it is no secret where the next wave of borrowers is coming from. Finding the right technology to catapult lenders into the future is critical to success. Lenders should work to define business goals now, track to those goals, and ultimately work toward a leadership role in the next 10 years of mortgage lending.
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.
By: Paul Wetzel for Tomorrow's Mortgage Executive
Increasing efficiency while decreasing costs is an ancient mortgage industry topic. We dealt with it at the turn of the century and made substantial gains only to watch them all roll back under the twin tides of the housing crisis and the regulatory onslaught. Operating costs are reaching the highest levels in history, challenging us to do again what we did more than ten years ago.
This time around we have better tools as well as new strategies for tackling tough profitability problems. While there are a number of ways lenders will drive costs lower towards pre-recession levels, at least two have not been leveraged to the extent they should. The first is linking all third parties in the origination cycle for easy, efficient flow and use of information and data. The second is paying close attention to lead generation and management.