Based on Mortgage Cadence’s Enterprise Lending Solution, Symphony™ fills a technology gap in the industry.
March 25, 2011 – (RealEstateRama) — Mortgage Cadence, LLC, a leading provider of Enterprise Lending Solutions (ELS), Default Servicing Technology and Document Services for the financial services industry, today announced its Cloud-based, Symphony Loan Origination System (LOS), an affordable, on-demand origination solution for lenders of any size. The product fills a current gap within the marketplace by making available enterprise-level power in a pre-configured solution that locks down compliant processes and any lender can implement and put into production in just a few weeks.
“All but the nation’s largest lenders have had to settle for substandard loan origination automation for far too long,” said Chuck Kimball, executive vice president of product experience for Mortgage Cadence. “Lenders of all sizes deserve an LOS that offers them all of the compliance support, time-saving features and reliability that the nation’s Top-100 lenders have come to expect. With this offering, we’re giving it to them.”
Traditionally, LOS technology for mid-tier lenders has more closely resembled 1003-form filling software for mortgage brokers. The onslaught of new federal and state regulations accompanied by more stringent investor guidelines and reduced margins has placed enormous pressure on mid-tier lenders to manage a more complex mortgage process. Before Symphony, small and mid-tier lenders didn’t have the software to do that job.
The new Symphony application features collaborative process capabilities, real-time data access, a branded Web site and a redundant infrastructure providing 24/7 availability, security and disaster recovery. In addition, all system updates and upgrades are provided automatically for free. The new LOS allows lenders of any size to:
- be 100% Web based and respond to any regulatory changes within 24-hours reduce pricing variances with a product, pricing and eligibility engine
- ensure compliance by having an on board doc prep service
- leverage 100% compliant documents backed by the industry leading E&O policy
- route work efficiently and effectively to the right people with dynamic tasking
- safeguard data integrity by working easily with third-party vendors through pre-built integrations
- drive efficient work flow automatically
- image any document coming into the system
- build and implement customized underwriting conditions
- get the highest levels of efficiency through concurrent editing of the loan file
- get the highest level of Web-based security with SAS70 Type II compliance
“In over 20 years in this industry–serving as an originator, a branch manager, a technology executive inside the mortgage bank and as a technology vendor–I’ve never seen a system this robust for anything close to the price,” stated Keith Kemph, Mortgage Cadence executive vice president for Symphony. “Symphony is the technology that will turn the mid-tier lenders of today into the leaders of tomorrow.”
About Mortgage Cadence, LLC
Mortgage Cadence is the leading provider of Enterprise Lending Solutions (“ELS”) which employ an extensive financial services data model wrapped with a native rules engine to deliver data-driven workflow automation tools to mortgage banks, lenders, service providers and servicers. Mortgage Cadence has developed an enterprise solution that integrates all functions and data elements required to optimize, manage and score lending performance. With Mortgage Cadence Orchestrator™ and its complementary suite of solutions, lenders have access to full end-to-end loan origination functionality, automated underwriting, business rule management, product and pricing, workflow automation, document services and compliance tools within one integrated platform. To learn more, please visit http://www.mortgagecadence.com.