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On today’s episode of LendTech Live, Todd Hougaard discusses the importance of understanding cybercrime and recognizing a potentially harmful email. While it isn’t realistic for employees to scan every email that comes in like the FBI does, smart companies are taking action to move away from unsecure emails and implement private networks that ensure collaboration and security among all parties.

By: Todd Hougaard for Tomorrow's Mortgage Executive

Email is everywhere. Everyone uses it, and it’s generally accepted as part of everyday life. If you aren’t accessing email on your desktop, you’re most likely connected instantly through your phone. Whether for business or personal use, this is how almost everything gets done. From meeting invites to news alerts, purchase receipts to run-of-the-mill emails from family, seemingly all major transactions in life are touched by this communication method, including the mortgage process. People spend anywhere from 4-6 hours a day on email – and whether you agree or not that this is a good use of time, email is seemingly here to stay. But how does this relate to mortgage collaboration?

Things have arguably become more efficient thanks to email, particularly in financial services, especially the mortgage process. Think about your company’s origination process. To start, borrowers typically receive an email confirmation, letting them know any number of details about their loan application. From there, the title agent will send an email containing details of the property and requesting any required information. Real estate agents will keep their clients informed by emailing status updates and details pertaining to next steps. And just like that, with the exchange of a few emails, possibly never having met with your borrower face-to-face, your origination process is underway and the mortgage collaboration has begun. In general, efficiency gains from these changes have been significant and helpful. Companies everywhere are encouraged to go all-digital, to eliminate paper, to respond quickly using technology. Email is an integral part of this strategy today.

Read the full article here.

Mortgage Cadence's Todd Hougaard, product manager, and Marc White, SVP sales engineering, deliver a live demo of Collaboration Center at FinovateFall 2017.

For more information on how Collaboration Center can help you execute faster, safer, and more securely, please email us at asw.morcad.mcnews@mortgagecadence.com

DENVER; April 12, 2017 – Accenture (NYSE: ACN) has extended the capabilities of its Mortgage Cadence subsidiary with the acquisition of BeesPath Inc.’s ClosingBridge platform, which facilitates simple, secure communications and file exchange for real estate finance transactions.

The ClosingBridge platform will be provided under the Mortgage Cadence product suite and will be branded as Collaboration Center. In its first phase, the platform — which manages the communications between borrowers, co-borrowers, real estate agents, sellers, attorneys, lending staff, title agents and settlement agents on mortgage transactions — will be offered as a standalone product. In subsequent releases, Collaboration Center will be incorporated into Mortgage Cadence’s existing product portfolio.

Todd Hougaard, president of BeesPath, will be joining the Mortgage Cadence team to help speed the integration and rollout of the solution and to spearhead product advancement going forward.

“Taking an innovative approach to a long-standing challenge in mortgage — unsecure communications involving borrower data and information — BeesPath has created an elegant, all-digital solution that securely connects all parties involved in the closing process,” said Michael Detwiler, Mortgage Cadence’s chief executive officer. “ClosingBridge is another strategic addition to our forward-looking Mortgage Cadence platform.”

Founded in 2004, BeesPath provides web-based tools designed to bring all the people, workflow and information related to a loan transaction into one secure place, facilitating the efficient closing of loans by enabling easy communication, delivery, sharing and tracking of all loan details. BeesPath developed and released the ClosingBridge platform in 2015 to facilitate simple, secure communications and data exchange for real estate finance transactions.

“We are proud to welcome Todd and the Collaboration Center technology to the Mortgage Cadence product suite with near-immediate client availability,” said Trevor Gauthier, Mortgage Cadence’s president and chief operating officer. “Thanks to this exciting acquisition, our lenders will be able to provide their borrowers with the peace of mind that all collaboration regarding their transaction is being handled swiftly and securely for better compliance, efficiency and structured communication between all parties. In addition to accelerating our digital strategy, this asset acquisition puts more functionality into our clients’ hands sooner, enabling them to close loans more quickly while having the assurance that the loan communications are secure.”

Since the TILA-RESPA Integrated Disclosure (TRID) Rule took effect in October 2015, the added time needed to ensure the borrower has its closing disclosures within three business days of closing has created new pressure for lenders, title agents, and settlement agents. The acquisition of BeesPath’s ClosingBridge platform brings an immediate solution to the Mortgage Cadence product suite to help address the need for these parties to securely communicate, share documents and transfer data.

“Collaboration Center is highly complementary with Mortgage Cadence’s successful loan origination technology suite, and Mortgage Cadence is the company best positioned to get this into the hands of lenders and title agents, who will benefit tremendously from this solution,” Hougaard said. “I’m thrilled to be a part of this talented team and help drive this user-friendly and secure solution forward.”

About Mortgage Cadence
Mortgage Cadence, an Accenture company, has been working with lenders since 1999, offering a one-stop shop mortgage technology solution designed for point-of-sale through post-closing. In a time when efficiency, speed and the customer experience are paramount to the success of lenders, Mortgage Cadence offers reliable software and dedicated people, supporting lenders every step of the way. Visit www.mortgagecadence.com for more information.