Mortgage Cadence, an Accenture (NYSE: ACN) company, has released version 2.0 of its new Mortgage Cadence Platform (MCP) loan origination system, which represents a significant milestone in loan origination technology evolution.
While MCP has been available for new customers since its launch late last year, with the release of 2.0, the company has officially retired their legacy enterprise lending platform and migrated all existing enterprise customers to the new platform. “It’s exciting to be able to focus on the future and free our team to build out our next generation technology to meet our lender partner’s needs” said Seth Hooper, Chief Product Officer at Mortgage Cadence. “It’s very empowering and we’ve already had a tremendous response to the new platform.”
The most modern Loan Origination System (LOS) on the market today, MCP is designed to provide an exceptional user experience across all products and channels and is the industry’s only platform to support both forward and reverse products. Delivered in the Microsoft Azure Public Cloud, MCP provides a secure, scalable system, accessible from anywhere and on any device. Inclusive of a leading point-of-sale through closing collaboration tools, MCP is both complete and easily configurable, offering rules-based workflow, leading UI designer tools and an open-architecture designed to meet the needs of today’s lenders.
The 2.0 release includes over 50 new features with key areas of focus in Product & Pricing enhancements, UI Designer improvements, new vendor integrations and services related features. The release takes the platform even further by expanding key functionality accelerating the company’s ability to bring solutions to production with speed and efficiency and marks a critical step in the company’s innovative services strategy journey.
The MCP services hub layer has revolutionized the way lenders work with their services provider of choice, offering day one integrations. MCP 2.0 includes:
- Standardized MI integrations to 6 major MI providers using the services hub platform (Arch, Enact, Essent, MGIC, National, Radian) supporting rate quote, delegated and non-delegated certificate orders
- Integrated, on-platform title ordering
- Additional fee estimation integration option through Closing Corp.
- Compliance Ease Compliance Analyzer integration
- Clover Connect support for Credit Card payment collection of Fees
Two areas of enhancements that have been particularly well received by lenders are capital markets and document management.
“Lenders can do everything right and still lose money if they don’t manage their secondary marketing well,” said Aaron Nelson, MCP Product Manager at Mortgage Cadence. “With access to better tools, lenders can mitigate this risk, which is why we’ve already built a number of product, pricing and eligibility (PP&E) options into the MCP 2.0 platform, with more on the way.”
In an effort to help lenders tame their own document-heavy process, MCP 2.0 offers an enhanced document management user experience that streamlines document interactions. This limits exception processing and increases lender efficiency.
“MCP has taken our development efforts around a corner, allowing us to leave the legacy behind and break the shackles that still hold our competitors back,” Hooper said. “It’s time for lenders to have the power to personalize the experience for their teams, creating workflows easily with rule-driven capabilities that allow them to make this LOS their own. With workflow collections onboard and available to lenders plus the ability to make the system work the way they want, lenders have never had this much power available to them. With MCP 2.0, we have unleashed the future.”
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