Monday, January 22, 2007

Mortgage Cadence: A Lender Implements Orchestrator

Denver-based Mortgage Cadence has announced that a retail lender has successfully implemented its Orchestrator enterprise lending solution without the aid of an outside consultant. Fed up with botched technology initiatives, many lenders have been working with third-party consultants in an effort to build some accountability into the process of buying and installing new loan origination systems. While Mortgage Cadence, like many of its competitors, has a program to train and certify third-party consultants to promote and manage the implementation of its software, the firm has been working toward simplifying the process for its clients. Apparently, progress has been made.

Castle Point is an Elkridge, Maryland-based retail lender operating in multiple states and handling a variety of product types. The Castle Point team was looking for an application that would handle all of the company’s product lines, increase process times and efficiency, as well as a lending platform that would be scalable to meet their future needs, according to Mortgage Cadence.

The company chose Orchestrator, but instead of contracting with a consultant to implement the software, the lender chose to handle it with its internal IT staff. This can be dangerous as it could allow unscrupulous vendors to blame the lender for missed deadlines and budget overruns.

Castle Point did engage Mortgage Cadence’s sister company, 3t Systems, for mentoring and used that firm's implementation methodology to complete their project in 8 months with the help of the Mortgage Cadence Software Development Kit. The SDK comes with code templates,
system documentation and extensibility guides.

Two things about this story: (1) Orchestrator isn't an application for a single product line, but is designed to use a sophisticated business rules engine to allow the streamlined processing of any loan product; (2) the client trusted the vendor to implement without an outside manager and when it did hire a company for mentoring it chose a sister company instead of a disinterested third party. And the system is producing loans. I guess that's three things.

Disclosure: I have been paid in the past to write for Mortgage Cadence. I wrote this blog entry, but not the press release it's based on. I didn't get paid to write this entry. If you e-mail me, I'll tell you exactly why I recommend Mortgage Cadence, which has nothing to do with money.

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