Trevor Gauthier, CEO at Mortgage Cadence, discusses the question about creating a strategy from the C-Suite perspective and managing the solutions you take along the way.
Agreement extends 14-year relationship between the two organizations
DENVER; July 25, 2017 – BECU, a Tukwila, Washington-based credit union, has selected the Enterprise Lending Center from Mortgage Cadence, an Accenture (NYSE: ACN) company, as its new loan-origination system.
BECU is one of Mortgage Cadence’s longest-standing clients, having been using Mortgage Cadence’s retail, lender-ready loan-origination system, Loan Fulfillment Center, since 2003. The Enterprise Lending Center offers lenders greater extensibility, enhanced service ordering and additional regulatory support. As the country’s fourth-largest credit union, BECU needed greater flexibility, with advanced rules-driven workflow automation. After reviewing the landscape of loan-origination solutions, BECU identified Mortgage Cadence’s Enterprise Lending Center and accompanying product suite as the best solution to meet its growing needs.
“Our selection was based not only on Mortgage Cadence’s software capabilities and flexibility, but also its track record as a true partner committed to helping us provide our members with a best-in-class solution,” said Scott Strand, BECU’s senior vice president of Member Lending, Business and Wealth.
Mortgage Cadence’s end-to-end solution gives BECU total control, thanks to the addition of its software development kit, which provides enhanced configuration functionality to customize the already robust Enterprise Lending Center product suite to help BECU meet its evolving needs.
“Technology changes daily, presenting opportunities as well as challenges for lenders,” said Trevor Gauthier, Mortgage Cadence’s president and chief operating officer. “That’s why Mortgage Cadence offers two loan-origination solutions designed to meet all lenders’ needs, enabling them to transition to a platform that best aligns with their future aspirations. We are extremely pleased to continue our long-standing relationship with BECU and look forward to working together to create new lender efficiencies and an unmatched borrower experience."
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.
BECU is a not-for-profit credit union owned by its members. Members receive the benefits of ownership through better rates and fewer fees. With more than 1 million members and over $16 billion in assets, BECU is the largest credit union in Washington and one of the top five financial cooperatives in the country. BECU currently operates more than 45 locations in Washington and two financial centers in South Carolina. For more information, visit www.becu.org.
DENVER; April 20, 2017 – Mortgage Cadence, an Accenture (NYSE: ACN) company, has reached an agreement to license FirstClose’s proprietary integration hub software platform, which provides loan services throughout the mortgage-origination process. The agreement will enable third-party service providers to integrate their services into Mortgage Cadence’s existing end-to-end loan origination product suite more quickly, providing lenders with additional one-stop loan origination capabilities.
After an extensive evaluation of third-party integration platforms, Mortgage Cadence determined FirstClose’s user-friendly vendor management system to be the most modern and robust on the market, complementing its own product suite. Mortgage Cadence will include FirstClose’s technology in the first phase of its new third-party integration architecture, known as Services Center 2.0, in which vendors will be able to integrate their services into the Mortgage Cadence product suite quickly and easily.
With FirstClose’s existing portfolio of services, Mortgage Cadence will immediately expand the scope of services it provides to include those related to:
Title (e.g., American Land Title Association (ALTA), legal and vesting, property reports);
Income and tax verification; and
“By empowering vendor partners to integrate their solution into our product suite, we’re giving our clients access to a wider variety of services to meet their needs, including new categories like borrower asset verification and document aggregation,” said Trevor Gauthier, Mortgage Cadence’s president and chief operating officer. “The development of Services Center 2.0 is just one step in our continued efforts to fuel lender success by meeting the ever-changing needs of the marketplace.”
Mike Detwiler, Mortgage Cadence’s chief executive officer and a senior managing director at Accenture, said, “The addition of FirstClose’s technology is consistent with our broader strategy of augmenting development capabilities through strategic technology tuck-ins and will enhance our ability to serve our mortgage lending customers with the industry’s leading loan-origination platform.”
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.
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.
DENVER; March 27, 2017 – Mortgage Cadence, an Accenture company (NYSE: ACN), announced it will launch the third generation of its Borrower Center, expanding the borrower self-service capabilities and enhancing the origination workflow of its Enterprise Lender Center platform.
The Borrower Center is a cornerstone of Mortgage Cadence’s cloud-based technology, providing a highly secure, always-on-and-available-everywhere capability to help guide borrowers and lenders through the mortgage origination cycle. The new release, which builds upon the company’s proprietary technology that elevated the online mortgage lending experience more than 15 years ago, provides a superior experience for borrowers and a more-efficient, cost-effective process for lenders. Features of the third-generation Borrower Center include:
Borrower Mobility. Borrowers will now enjoy a streamlined user interface that scales across devices, enabling convenient anywhere, anytime access. During application, borrowers create a secure account to which they return throughout the origination cycle to virtually collaborate and check the progress of their loan, upload documents, view conditions, and communicate with their lender.
Single System of Record. A single, web-based technology platform – a Mortgage Cadence hallmark – that provides complete mortgage origination capabilities, whereas most other vendors use a cumbersome, multi-system integration approach. Borrower Center opens a gateway for borrowers and lenders to interact easily throughout the mortgage origination process. For lenders, our single technology platform means solid data integrity and security, enhanced features to help ensure compliance, a highly automated workflow, and an immersive borrower experience unmatched in the industry.
Flexible Administration. Easy-to-use admin tools provide full control over page names, content, titles, fields, and button names, with the option to preview updates prior to site publishing. The Borrower Center provides the flexibility that enables the lender to collect only the information needed to provide a great customer experience.
Powerful Branding. Borrower Center offers lenders the most powerful styling and branding opportunities available, making it easy for lenders to match the experience provided by their corporate website. Borrower Center’s design tools make it simple for lenders to adjust design and flow instantly,in real-time, as market conditions and borrower preferences evolve.
“Mortgage Cadence continues to lead the way in borrower-facing technologies — a road we started down almost two decades ago,” said Trevor Gauthier, Mortgage Cadence’s president and chief operating officer. “It’s exciting to release this next-generation borrower portal with the sole purpose of advancing our digital suite of technologies to ensure that our customers stay at the forefront of the lending industry.
“Staying ahead of industry and technology trends hinges on a thorough understanding of borrowers’ future needs. Last year we partnered with Accenture Research to conduct a study of more than 1,500 borrowers’ current and future expectations related to the origination process. Using data collected from the study, we have been driving development efforts around Borrower Center for Enterprise Lending Center and applying that knowledge to our entire product suite roadmap. Supporting our lenders is our number one goal, and we are excited to roll-out this forward-looking product.”
Michael Detwiler, Mortgage Cadence’s chief executive officer and a senior managing director at Accenture, said, “Since the acquisition of Mortgage Cadence in 2013, We have invested heavily in the Mortgage Cadence suite of products, with a major focus on digital technologies inclusive of Borrower Center. Our view on where we want to take mortgage lending draws from the kind of disruption we see in the transportation and hotel industries — attacking the major friction points and fully digitizing processes to increase the speed and efficiency of lending services. Our new release of Borrower Center is the culmination of three years’ worth of investment and incredibly skilled employees bringing our vision to life, laying the groundwork for where we plan to take our digital lending experience to enable our customers to leapfrog the competition.”
About Mortgage Cadence
Mortgage Cadence 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.
By: Trevor J. Gauthier, "The Year of Online Lending," for Scotsman Guide
Back before online lending caught on, borrowers had to spend an anxious and opaque 60 days or more as their loan was poked, prodded and examined for even the slightest hint of a problem before learning — often at the last minute — whether they could actually move into their dream home. This process wasn’t much better for mortgage companies,
Fifteen years ago, technology was barely applied to, let alone integrated into, the mortgage process. The manual process required to originate a single loan was expensive, time-consuming and required a lot of natural resources and physical storage space. Industry veterans will not soon forget the boxes and boxes of mortgage files scattered everywhere.
By: Trevor Gauthier, "Lending Longevity," for Mortgage Banking Magazine
We all crave longevity in health, relationships and business. It's a desire fundamental to our most basic instincts, but making things last is easier said than done. This is true in life, and very true in the current mortgage origination world. With so many elements of the business undergoing rapid change, what can you do to increase your longevity as a mortgage lender?
By: Trevor Gauthier, "The Familiar - and Unfamiliar - Next Era of Mortgage Lending," for MBA Newslink
My team and I just had the pleasure of spending an entire week with hundreds of the most energized and enthusiastic post-TRID lenders and industry suppliers you'd find anywhere. It's our favorite time of year, though this year's annual user conference was particularly special. There's a new, bright mood blossoming in the mortgage industry--something we should all take a moment to acknowledge and learn from.
My own reason for optimism is easy to explain. We stand at the cusp of the next era of mortgage lending. Hyperbole? Exaggeration? Not at all. This is the first time in more than eight years that we are collectively looking ahead rather than over our shoulder. Looking ahead is good, though not enough. We have a bigger responsibility.
By most measures, the housing and mortgage markets are "healed," and the economy is on good footing. Despite this, the housing market and those who should be buying are not connecting as they should. Leaders in the mortgage industry have an obligation to shape this new era of mortgage lending with a clear focus on long-term, manageable growth and stability.
Some things in the new era look pretty familiar. Ever notice fashions return again and again? For example, the bohemian look of the ‘60s is back. There's a parallel in lending that was popular in the ‘60s, too: simple, fixed rate loans are more popular today than ever.
In a recently completed survey we participated in, more than 80 percent of lenders agreed that conventional conforming loans meet the needs of the majority of their borrowers. Likely because they are durable. They last as long as 30 years, and they are easy to understand. Just like a car loan, only much bigger. Lenders ought to like them because they are the easiest to manufacture, or at least as easy as any loan is to create these days. That's why many people like jeans, I suppose. Because they are durable. Buy them once, where them a lot. Take out a 30-year fixed, keep it forever.
My takeaway from what looks familiar is this: we'd be wise, in this new era, to shape a simpler, smarter future. One built on the fundamentals. That's one of the things that got us into trouble. While focusing on simple, we forgot the things that make a good loan durable.
Then there's the familiar, yet different elements of the new era. Today's wave of first-time homebuyers, described as the biggest in history so far, are familiar because we have seen them before: in the late 1940s through the early 1960s. This generation started the mortgage process knowing it would be hard. They had low expectations, and they were often met.
Similarly, today's first-timers feel the same. They saw firsthand what can happen from poor lending practices, and as a result, think getting a mortgage is more trouble than it's worth. Of course, the difference lies in the fact that today's first-time buyers have something called liquid expectations. Buying a home and financing it should be as easy as one-click online purchases they're used to. Why not a 30-second mortgage? Borrowers originate their own loans online today, after all. What takes so long?
Here, too, is where the borrowers of yesteryear and the borrowers of today converge. They have no idea what it takes to manufacture a mortgage. Likely most of them don't much care, either. Like anything you'll do only a few times in your life, it's not important enough to them to invest a lot of time learning. It's true: there are plenty of things more interesting than a 30-year fixed-rate mortgage.
It is unlikely we can do much to change our borrowers' non-interest in the vagaries of manufacturing mortgage loans. What we can do, though, and this is my takeaway from the familiar/not familiar aspect of the future, is give today's borrowers the chance to look deep into the origination cycle, and let them participate as much as they desire. These borrowers, unlike their mortgagor ancestors, have great expectations, and we can meet them. We simply have to let them participate.
Then there's the less unfamiliar, though very exciting work we'll do on the future of our business, and that's the technologies we'll apply to manufacturing loans. We plan to spend our days shaping the future in pursuit of the truly electronic, paperless digital mortgage that, quite frankly, is possible today, though elusive for most lenders and most borrowers.
Pioneering lending technologies over the past 17 years has been very rewarding. We're looking forward with even more earnest enthusiasm than we had in the late 1990s. This new era will be the best and most interesting in the history of mortgage lending. A time when real, positive change will yield the best times the mortgage industry and homebuyers have ever experienced.
Integration Accelerates Mortgage Closing Process with Leading eSignature and Digital Mortgage Platforms
DENVER; May 24, 2016 – Mortgage Cadence LLC, an Accenture Company (NYSE: ACN), is announcing an all new integration with award-winning electronic signature and Digital Transaction Management (DTM) provider DocuSign, Inc. (DocuSign®), and the vaulting, transaction and transferable records services of eOriginal, Inc. This new integration helps to expedite the mortgage origination process while creating a more streamlined, reliable and secure digital experience for borrowers, lenders and investors.
With Mortgage Cadence’s proprietary Document Center solution, documents are generated dynamically in just seconds based on loan-level data and are then delivered for electronic signature using DocuSign. Lenders and borrowers alike are now able to securely review and electronically sign disclosures and closing packages in minutes – anytime, anywhere, on nearly any device.
“DocuSign and Mortgage Cadence share a vision for a digital future where the hassles, costs and lack of security from the reams of paperwork required to apply for, process and close a mortgage are a thing of the distant past,” said Georg Gerstenfeld, Vice President of Real Estate Solutions at DocuSign. “The integration of DocuSign and eOriginal into Mortgage Cadence’s Document Center advance us towards that digital future today by empowering anyone to transact business all-digitally.”
eOriginal extends the Mortgage Cadence loan experience by allowing lenders to deliver a fully electronic mortgage process built around its best-of-breed solution, which was recently certified as a Fannie Mae eMortgage solution provider.
“With a new generation of homebuyers and increasing demands for transparency from regulators and investors, we have reached a tipping point in the digital transformation of the mortgage industry,” stated Stephen Bisbee, CEO and president of eOriginal. “Working with great partners like Mortgage Cadence and DocuSign, we have paved the way for an outstanding end-to-end solution that offers a practical migration path for adopters while addressing an acute need for data exchanged between counterparties.”
All signed documents are tracked, retrieved, and stored in the Mortgage Cadence Enterprise Lending Center or Loan Fulfillment Center, ultimately driving additional tasks and keeping the lender on-platform and focused on the lending process. DocuSign and eOriginal will help enable the following benefits:
Security: All communication occurs using encrypted technology with two-factor authentication, while documents and loans are protected with security measures for encryption, data backup and 24/7 monitoring of all systems.
Borrower–Lender transparency: All parties are notified when major milestones are achieved, such as the borrower successfully signing all of the required documents. Also, reminders are configurable to set follow-up tasks, reminding staff to reach out to the borrower if they have not received the all-signed notification.
Greater simplicity: The electronic signing process walks borrowers through signing documents using an intuitive and familiar screen flow, making review-only documents easily accessible. Mortgage Cadence’s loan origination solutions also track which documents have been signed and which still require signature, allowing the borrower to complete the process at their leisure.
Stability: Advanced nfrastructure, technology and solutions help to ensure that eSigning is a stable, reliable and dependable part of the mortgage transaction.
All-digital: Provides clients with consumer engagement tools like eSign, eClose and other closing collaboration tools.
“Most borrowers today – whether millennials or baby boomers – are accustomed to doing just about everything online,” said Trevor Gauthier, president of Mortgage Cadence. “In order to increase borrower satisfaction, lenders require tools that allow them to originate and close mortgages digitally. Integrating with DocuSign’s and eOriginal’s best-in-class eSignature and eClosing solutions, along with our proprietary loan origination and document preparation and delivery solutions, allows us to provide an incredibly robust service to our clients and their borrowers – a testament to our dedication to the mortgage industry.”
About Mortgage Cadence Mortgage Cadence has been partnering with lenders since 1999, offering the industry’s only true one-stop-shop mortgage technology solutions 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 the most reliable software and dedicated people, supporting lenders every step of the way. Visit www.mortgagecadence.com for more information.
About DocuSign, Inc. DocuSign® is changing how business gets done by empowering anyone to send, sign and manage documents anytime, anywhere, on any device with trust and confidence. DocuSign and Go to keep life and business moving forward. For more information, visit www.docusign.com, call +1-877-720-2040, or follow us on Twitter, LinkedIn and Facebook.
Copyright 2003-2016. DocuSign, Inc. is the owner of DOCUSIGN(R) and all of its other marks (www.docusign.com/IP). All other marks appearing herein are the property of their respective owners.
About eOriginal eOriginal offers an end-to-end digital mortgage solution — from signature to notarization and recording through warehousing and custodial services — that addresses the gaps that have long hampered broader adoption of digital mortgage platforms. eOriginal is spearheading the collaboration to deliver a fully digital process that includes eNotarization, eRecording, eWarehousing, eCustodian services and integration with Mortgage Industry Standards Maintenance Organization (MISMO) compliant SmartDocs and Forms. Well-designed for disruptive lending markets, eOriginal already is delivering its lending and asset management platform to the student loan, vacation ownership and vehicle finance industries, among others.
Integrated with eOriginal’s eAsset Management Platform and the newly released DatalyticsTM solution, the eMortgage platform will empower greater data transparency, better analysis and regulatory compliance capabilities throughout the mortgage loan process. For more information, visit http://www.eoriginal.com.
DENVER; Feb. 29, 2016- Accenture Mortgage Cadence has transitioned all of its clients – more than 600 mortgage lenders across the United States – to the Accenture Mortgage Cadence Cloud, helping the lenders better manage loan-processing cycle times, increase system reliability and seamlessly leverage product upgrades.
“Today’s digitally savvy borrowers expect the same kind of quick, efficient service from their mortgage lender that they get from online retailers and other services,” said Keith Moore, Software Cloud and SaaS Support Executive for Accenture Mortgage Cadence. “All clients using our Enterprise Lending Center and our Loan Fulfillment Center have moved to our enhanced cloud technology, which provides the environment needed to get borrowers to the closing table on time while keeping up with the fast-changing regulatory landscape.”
The Loan Fulfillment Center and Enterprise Lending Center are software-as-a-service (SaaS)-based loan origination systems from Accenture Mortgage Cadence. The transition to the enhanced cloud will provide Accenture Mortgage Cadence clients faster servers, more system storage, enhanced regulatory compliance and loan origination efficiency and scalability to support a growing client base.
“When designed properly, cloud technologies are the perfect building blocks for mission-critical solutions such as our Mortgage Cadence platform,” said Trevor Gauthier, managing director of Accenture Mortgage Cadence. “We are proud to be an early adopter of SaaS mortgage technology, and today ours is one of the most-mature cloud-based technologies in the industry. Our software solutions provide maximum uptime to ensure that our clients are able to provide their borrowers with fast and reliable service.”
NEW YORK; October 15, 2015 – BBVA Compass has deployed an end-to-end mortgage software suite from Accenture (NYSE: ACN) to streamline the bank’s real estate lending operations and enable borrowers with digital tools to apply for and track loans.
BBVA Compass is using Accenture Mortgage Cadence’s Enterprise Lending, Borrower, Imaging and Document Center software to support its 672 branches across the United States. The new suite includes a core loan origination system and an advanced set of tools for online origination, electronic imaging and automated document management.
“The Accenture Mortgage Cadence software empowers our mortgage clients by giving them the information they need, whenever and wherever they are,” said Eduardo Castaneda, executive director of Real Estate Lending for BBVA Compass. “It also helps us respond nimbly and increase efficiencies in a changing regulatory environment.”
Castaneda said Accenture’s mortgage processing expertise and commitment to providing lenders with state-of-the-art technology was a key reason for the bank’s decision. “We have a long-standing relationship with Accenture, so we understand their core technology and mortgage processing technology capabilities,” he said. “We are confident this software suite will position us to meet the needs of our clients now and well into the future.”
“As the mortgage industry evolves and consumers demand access to more digital capabilities, lenders that can adapt fastest will win,” said Terry Moore, senior managing director and head of Accenture Credit Services. “By embracing cloud-based systems and new lending innovations along with an industrialized mortgage processing solution, BBVA Compass continues to show foresight and market leadership.”
“BBVA Compass’ choice of our software suite is further evidence of our unique capabilities to assist banks in adapting their business to meet new and emerging consumer demands, as well as their need to lend more efficiently, profitably and compliantly,” said Trevor Gauthier, managing director of Accenture Mortgage Cadence.
Accenture Mortgage Cadence is a robust mortgage loan origination software suite that covers the full lending cycle from start to finish. Lenders can process, underwrite, close and fund loans virtually anytime and anywhere. The suite also includes the Borrower Center, a point-of-sale portal for customers that simplifies the loan application process and includes up-to-date information concerning the borrower’s pending application.
DENVER, CO; Aug. 26, 2015 – Liberty Bank has selected mortgage origination software from Accenture (NYSE: ACN) in order to simplify its processes, improve efficiency, and enhance its compliance capabilities. The bank will be using Accenture Mortgage Cadence Enterprise Lending Center, a mortgage origination platform designed to increase flexibility and deliver a better experience to borrowers.
Based in Middletown, Connecticut, Liberty Bank serves more than 125,000 consumer and business households and sought a technology provider capable of consolidating their current consumer mortgage processes and products into one all-encompassing solution while providing a superior borrower experience. The rules engine included with Enterprise Lending Center couples high-powered workflow and validation with configurable compliance-driven checkpoints.
“While we have seen steady growth throughout the years, we were searching for a centralized system capable of functioning as the nucleus, tying our various systems together in a harmonious manner,” said Thomas Hylinski, Executive Vice President of Retail Lending, Liberty Bank. “Now that we are live on the product suite, it has become very apparent that Accenture Mortgage Cadence’s platform will give us the lift we were looking for while providing advanced functionality that will allow us to more efficiently serve our customers – all while maintaining compliance.”
The Enterprise Lending Center’s complementary product suite quickly proved to be a differentiator in Liberty Bank’s search for a new loan origination system. To create a smooth origination experience for lenders and borrowers alike, the accompanying product suite, including the Document Center, Imaging Center, and Borrower Center further streamline all document and consumer-facing processes through rules and workflow. This, combined with Enterprise Lending Center’s ability to provide seamless integration to third-party vendors was something no single provider could compete with.
“We take a tremendous amount of pride in our work and forming deep relationships with our clients, which has allowed us to exceed Liberty Bank’s expectations,” said Trevor Gauthier, managing director of Accenture Mortgage Cadence. “Going live is just the first step as we collaborate with Liberty Bank, innovating to accelerate the mortgage process for the ultimate benefit of the borrower.”
Liberty Bank successfully went live on the Enterprise Lending Center platform in June 2015. Liberty Bank’s clear vision, combined with the expertise of the Accenture Mortgage Cadence team, created a strong foundation throughout the implementation process.
By: Mike Sorohan
MBA NewsLink recently posed questions to Trevor Gauthier, managing director of Accenture Mortgage Cadence, Denver.
Gauthier joined Accenture in 2013, leading development and execution of the company’s vision and short/long term strategies. He previously served as chief sales and marketing officer with Mortgage Cadence; his responsibilities included enterprise and mid-market software solutions sales, account management, development and execution of marketing and communication strategies, building cohesive and recognizable brands and recommending strategic approaches and executable plans to maximize sales activity and returns on investment. The company’s website is https://www.accenture.com/us-en/accenture-software-mortgage-cadence.aspx.
MBA NEWSLINK: Mortgage Cadence has had a very eventful two years since its acquisition by Accenture. What’s the ride been like?
TREVOR GAUTHIER: It’s been a great ride so far. While Mortgage Cadence has seen an eventful few years, nothing has been a surprise. It’s kind of been like a cross-country road trip. You know where you’re going, have the proper tools to get there and just enjoy the ride. I’ve worked with most of the executive team for many years. With their combined 200 years of mortgage experience and extensive backgrounds with the company, I knew I was starting on the right foot.
When I transitioned from leading Sales & Marketing to all of Accenture Mortgage Cadence, I went in with a realistic view of where the organization was and where it needed to go. This past year has proven to be transformational. We have substantially increased the size of our enterprise customer base, we have continued growth in the mid-markets, and we have significantly enhanced the Accenture Mortgage Cadence Cloud--all while taking on the single largest regulatory change the industry has ever seen. This is no small order, and I’m fortunate to have inherited a team of individuals and a technology platform that are both second-to-none.
NEWSLINK: What did Mortgage Cadence gain from its acquisition by Accenture? What did Accenture gain in return?
GAUTHIER: From the very beginning, Accenture saw that lenders using outdated technologies and/or multiple systems of record were struggling to keep pace with the changing mortgage landscape. When they met with Mortgage Cadence, it was immediately apparent there was an opportunity to help transform the mortgage industry by partnering together. Mortgage Cadence’s long tenure in the business, coupled with our advanced technology serving both the top 100 and the midmarket space really sealed the deal.
Being part of Accenture gives us access to world-class resources that best position us to be the last loan origination platform our customers ever need. Looking to the future, we will further advance our technology and bring on new solutions that help lower origination costs, while keeping stride with regulatory changes. We all know technology advances rapidly to keep up with the changing times. Accenture is extremely forward-looking and gives us the tools needed to make that happen. With mortgages trending all-digital, we already have clients using our technology to push those digital boundaries. The next step is moving all customers to the fully paperless mortgage.
The acquisition has felt much more like a partnership. Accenture saw the value not only in our technology but also in our people. They maintained our legacy staff and have since helped us double in size over the past two years. The growth has been phenomenal, and the talent among the team is extraordinary. The future is bright, and I couldn’t ask for a better partnership.
NEWSLINK: Is the Consumer Financial Protection Bureau’s TILA/RESPA Integrated Disclosure rule as intimidating as it seems?
GAUTHIER: The short answer: no. While the TILA-RESPA Integrated Disclosure rule is certainly complex in nature, the truth is that with the proper technology in place, proper training of staff and proper education for borrowers, this rule is manageable. For technology providers, the changes were sweeping, requiring months of planning and execution to complete. Most should already be rolling out compliant releases to their lenders. Assuming this is true, the burden of the change is largely off the shoulders of the lenders.
For us, we’ve spent the last year partnering with our customers to make sure they first understood the changes and second, made sure they were aware of the changes we were implementing. We’ve collected their input, incorporated those enhancements into the releases, and have since rolled out TRID-compliant versions of both of our LOS platforms. We plan to continue hosting our monthly webinars to inform lenders--both customers and non-customers--on ways to ensure success in the coming months.
NEWSLINK: TRID has been pushed backed until Oct. 3. What should lenders do with this extra two months to prepare?
GAUTHIER: The change in deadline is a huge benefit to lenders. Assuming their technology providers successfully deliver the system changes by the August 1 deadline, this leaves lenders with several months to test the enhancements, properly educate their loan officers and inform borrowers--all while working through any issues that arise. Lenders will most certainly be well-equipped to succeed come October.
NEWSLINK: You joined Mortgage Cadence as director of marketing and worked your way up. What have you learned, now that you’ve been managing director?
GAUTHIER: I’ve certainly learned a lot. The biggest lesson, though, is to learn as much, if not more, from an undesired outcome as you do from the good. Whether that be a conflict with a boss, a project gone south, or missing a personal goal, you will grow from these experiences if you look at them the right way. Don't give up; instead, use these as valuable learning experiences and be better for it. It's easy to be crippled by the fear of failure, but we will all fail at many points in our career. It's how you handle those failures that will determine your future success. Work hard. Seek to learn more. As long as you are doing this, opportunities you never expected to present themselves will surface.
This has been the motto of Accenture Mortgage Cadence, and it has led us to our most successful year as an organization. We’ve witnessed firsthand the devastation felt by our industry during and after the crash, but we've also witnessed the industry come back stronger than before. Although times were not always easy, we grew exponentially through those experiences, leading us to this unforgettable year.
PERSON OF THE WEEK: Trevor Gauthier is managing director of Accenture Mortgage Cadence, a provider of loan origination software. MortgageOrb recently interviewed Gauthier to learn more about how the company has been dealing with the implementation of the Consumer Financial Protection Bureau's new TILA-RESPA Integrated Disclosure rules (TRID) and how technology will continue to reshape the mortgage market in the years to come.
Q: You’ve been with Accenture Mortgage Cadence for more than a decade. Since taking over as managing director late last year, have things gone as you expected? What has surprised you the most?
Gauthier: There really have been no surprises. I’ve worked with many of the executives closely over the years. The team has a combined 100 years with the company and about 200 years of mortgage experience, so I knew I was starting on the right foot. I went in with a realistic view of where the organization was and where it needed to go.
Taking over the reins in October 2014 meant we were in the midst of TILA-RESPA system enhancements and exponential customer growth, so my immediate plan was to stay the course with the initiatives we already had in motion.
The reality is that this past year has been unprecedented in many ways and will be a year that we will look back on as one of the most transformational in the history of the business.
We will have substantially increased the size of our enterprise customer base, will have continued growth in the mid-markets, and will have significantly enhanced the Accenture Mortgage Cadence Cloud, all while taking on the single largest regulatory change the industry has ever seen - a change that must be implemented flawlessly across our entire customer base.
This is no small order and I’m fortunate to have inherited a team of individuals and a technology platform that are both second-to-none.
Q: As you mention, TRID is the focus for all lenders and vendors in the business right now. What does the future hold for Accenture Mortgage Cadence post-TRID?
Gauthier: Without question, we will continue the momentum we’ve seen since I joined Accenture two years ago. Being part of this company gives us access to world-class resources that put us in an even better position to be the last origination platform our customers ever need. Looking to the future, we will further our technology and bring on new solutions that help lower origination costs while keeping stride with regulatory changes. Although that’s a lot to accomplish, increasing customer satisfaction so that they, in turn, increase borrower satisfaction is no less important.
We already have clients using our technology to push the boundaries on the all-digital mortgage. The next step is moving all customers to the fully paperless mortgage.
Accenture recently surveyed nearly 4,000 North American retail banking customers and discovered that 27% would consider a branchless digital bank if they were to switch from their current bank. What does that mean for the future of lending? It’s trending all digital. I want to make sure our customers are ready for this by making the mortgage process a more enjoyable experience for all: faster, more convenient, online and in-line with other purchase experiences consumers are becoming used to.
Although technology development sounds very impersonal, it’s actually quite the opposite. The factor that will allow us to get our technology and our customers to the all-digital mortgage is our people. I strive to surround myself with great people, which is exactly what we have and precisely what we need to hit the goals and long-term vision of this organization.
Q: With people being at the heart of your commitment to the future of the company, what is your vision for staff development and mentorship?
Gauthier: We have a great team and need to continue to foster a climate in which career and personal growth are at the center of what we are doing. Mentoring is something I am very passionate about. My end goal is to enable each individual around me to perform to the best of his or her ability while also ensuring we are creating the right team. That’s a team that clients and prospects alike want to do business with; a team that people internally want to work with and be a part of; and a team comprising of individuals focused on success - not simply their own, but also the success of others around them. This comes from properly matching skill sets and personalities with roles, constant mentoring, letting individuals take risks and grow, and developing future leaders.
Taking this future-view a step further, our vision is to be the last lending solution our customers ever need through our commitment to partnership, service and technological innovation. Our focus on partnership truly sets us apart from the pack. We take a collaborative approach with all of our customers in order to make sure we are meeting each of their unique needs head on. This begins as early as the sales process but really comes to light during implementation. By hearing what our customers need, then sharing our solution, we create a system that ultimately allows them to achieve more than they ever dreamed possible. Technology innovation is crucial, but serving our customers and providing true partnership lead to a long and fruitful relationship.
Q: What is the best piece of advice you were ever given?
Gauthier: Learn as much, if not more, from an undesired outcome as you do from the good. Whether that be a conflict with a boss, a project gone south, or missing a personal goal, you will grow from these experiences if you look at them the right way. Don't give up; instead, use these as valuable learning experiences and be better for it. It's easy to be crippled by the fear of failure, but we will all fail at many points in our career. It's how you handle those failures that will determine your future success. Work hard. Seek to learn more. As long as you are doing this, opportunities you never expected to present themselves will surface.
This has been the motto of Accenture Mortgage Cadence, and it has led us to our most successful year as an organization. We’ve witnessed firsthand the devastation felt by our industry during and after the crash, but we've also witnessed the industry come back stronger than before. Although times were not always easy, we grew exponentially through those experiences, leading us to this unforgettable year.
DENVER, CO; June 16, 2015– Accenture (NYSE: ACN) launched a new version of the Accenture Mortgage Cadence Enterprise Lending Center platform in order to provide new functionality around key regulatory changes, providing tools to help lenders stay in compliance and provide better service to customers.
New regulations, called the TILA-RESPA Integrated Disclosure Rule, replaced two legacy loan origination documents and affect various calculations and workflow that take place during the loan process, requiring changes to both loan origination technology and lender processes. The Enterprise Lending Center, one of two SaaS-based loan origination systems offered by Accenture Mortgage Cadence, is highly configurable and rules-based, allowing mortgage lenders to update their systems in advance of the regulation deadline.
Accenture Mortgage Cadence was able to roll out the Enterprise Lending Center 8.0 release to accommodate the regulatory changes in advance of the rule’s August 1, 2015 effective date. Enterprise Lending Center Version 8.0 delivers the following enhanced capabilities:
The new Loan Estimate and Closing Disclosure, which include the new TILA-RESPA data points and supporting calculations;
Functionality that will enable three business day advance delivery of Closing Disclosures to consumers, as required by the regulation;
New tests and screens to provide comparison data for fees and Changed Circumstance options
Updates to partner integrations to improve the user experience with service orders, enabling loan compliance assessments and loan-level constrained taxes and fees estimates.
“This tremendous initiative helps to prepare our clients for the TILA-RESPA rule well ahead of the deadline. Enterprise Lending Center 8.0 gives lenders the opportunity to thoroughly test the two new documents required by the TILA-RESPA Integrated Disclosure Rule – the Loan Estimate and Closing Disclosure. Consequently, lenders will be in a better position to execute mortgage loans in a compliant manner with confidence by the deadline so that customers will see no gap in services” said Trevor Gauthier, managing director, Accenture Mortgage Cadence. “Accenture Mortgage Cadence has a longstanding history of releasing compliance changes in advance of their respective deadlines, and our changes around the TILA-RESPA Integrated Disclosures continues this tradition.”