Mortgage rate, an Accenture company, has released version 2.0 of its new Mortgage Cadence Platform (MCP) loan origination system. Although MCP has been available to new customers since its launch late last year, with the release of version 2.0 the company has officially retired its old business lending platform and migrated all enterprise customers existing ones to the new platform.
“It’s exciting to be able to focus on the future and free up our team to develop our next-generation technology to meet the needs of our lending partner,” says Seth Hooper, chief product officer at Mortgage Cadence. “It’s very exciting, and we’ve already had a tremendous response to the new platform.”
Delivered in the Microsoft Azure Public Cloud, the Loan Origination System (LOS) provides a secure and scalable system that can be accessed from anywhere and on any device. Including point of sale through close collaboration tools, MCP is both comprehensive and easily configurable, offering rules-based workflow, user interface design tools and an open architecture.
Version 2.0 includes over 50 new features with key areas in product and pricing enhancements, UI designer enhancements, new vendor integrations, and service-related features. MCP 2.0 includes standardized MI integrations to six major MI vendors using the Service Hub Platform (Arch, Enact, Essent, MGIC, National, Radian) supporting rate quotes, delegated and non-delegated certificate ordering ; ordering of securities integrated into the platform; additional fee estimate integration option via Closing Corp. ; Integration of Compliance Ease compliance analyzer; and Clover Connect support for collecting credit card payment fees.
“Lenders can get it all right and lose money if they don’t get their secondary marketing right,” says Aaron Nelson, MCP product manager at Mortgage Cadence. “With access to better tools, lenders can mitigate this risk, which is why we have already integrated a number of product, pricing and eligibility (PP&E) options into the MCP 2.0 platform , and more are in progress.”
To help lenders tame their own document-heavy process, MCP 2.0 delivers an enhanced document management user experience that streamlines document interactions. This limits exception handling and increases lender efficiency.
“MCP took our development efforts into a corner, allowing us to leave the legacy behind and break the shackles that still hold our competitors back,” adds Hooper. “It’s time for lenders to have the power to personalize the experience for their teams, easily creating workflows with rules-based capabilities that allow them to take ownership of this LOS. With collections of workflows built in and available to lenders along with the ability to run the system the way they want, lenders have never had so much power at their disposal.