Out-of-the-box solution enables reverse players to effortlessly leverage robust reverse technology
October 20, 2011 – (RealEstateRama) — Mortgage Cadence, LLC, a leading provider of Enterprise Lending Solutions (ELS), Default Servicing Technology and Document Services for the financial services industry, introduces Mortgage Cadence Symphony Reverse, a reverse mortgage software solution, allowing lenders to get up-and-running quickly utilizing standard, pre-configured workflow. Whether just entering the reverse market or looking to increase productivity, Symphony reverse delivers a cost-effective approach to enterprise lending technology.
In today’s environment, reverse lenders are facing the inevitability of increased Federal and State requirements surrounding reverse mortgages. In addition, as the country continues to struggle with high unemployment rates, Americans are banking on their home values to rebound and become a possible means to retire. As a result, the ability to quickly implement upcoming changes quickly and efficiently is a growing concern for reverse lenders. Symphony Reverse fills that technology void and addresses those concerns by enabling lenders to eliminate manual processes and increase their productivity and throughput. In addition, large players exiting the space have left an opening for lenders to gain market share. By leveraging Mortgage Cadence’s core technology, Symphony Reverse allows those lenders to quickly enhance their core platform while taking advantage of lower implementation timeframes and costs.
“With the higher HECM Loan Limits set to expire on December 31st of 2011, there will be a revival of proprietary products. Fortunately, Symphony Reverse is flexible enough to support such products quickly,” stated Rob Jannotte, executive vice president of product development for Mortgage Cadence. “Coupled with the fact that many large reverse lenders have left the space, an opening has been created for mid-market reverse lenders and outsiders to get in the game and look to reverse mortgages as a way to expand their product offering and increase their profits. Mortgage Cadence has always delivered on the promise of truly scalable and complete mortgage technology products and services. We recognized the need these lenders had for advanced technology at an affordable cost and have tailored Symphony Reverse to fit those needs.”
The Mortgage Cadence Symphony Reverse product will also offer integrated documents through Finale Document Services. This true document preparation and delivery solution offers document management and risk mitigation services through its superior technology. In addition, Finale is supported by industry leading representations and warranties that ensure compliance with all agency guidelines and federal/state requirements. This solution also enables additional forms like the financial assessment documentation to be easily incorporated as Symphony Reverse already contains the fields necessary to capture the additional data and extract it to the appropriate documentation seamlessly.
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 enterprise solutions that integrate all functions and data elements required to optimize, manage and score lending performance. The mortgage industry is always shifting to meet demands and minimize risks. Mortgage Cadence’s flexible solutions continue to evolve to meet those needs. To learn more, please visit http://www.mortgagecadence.com.