Friday, June 13, 2008

Mortgage Cadence: changes afoot

Mortgage Cadence, Greenwood, Colo., has upgraded its Orchestrator loan origination system (LOS), according to a report in Housingwire. Those who have been watching the company will notice that Michael Detwiler is the CEO quoted in the release. Michael has stepped back into the leadership role he handed over to Mortgage Cadence Chief Marketing Officer Michael Hammond last year.

"I'll still be working with the company on a project basis," Hammond told us in a recent phone call.

Hammond is based in Troy, Michigan, but had plans to relocate his family to Denver after taking over the CEO position at Mortgage Cadence last October. One problem Hammond has faced was disposing of his Michigan real estate in one of the fastest falling real estate markets in the country. "If I sold my house now, we'd lose almost $200,000," he said.

The solution was a relationship change that will see Hammond serving Mortgage Cadence as a paid consultant, but also seeking other client relationships.

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