Thursday, August 16, 2012

Mortgage Cadence releases new ELS

It should come as no surprise to anyone who reads my stuff regularly that I like Mortgage Cadence. I like the way the company is run and I like the vision. I'm also very impressed with how smoothly the company transitioned from an elephant-hunting purveyor of heavy metal enterprise lending systems to a  marketer of pre-configured systems and standalone components, like its Finale document system.

With the purchase of Prime Alliance, the company's transition was complete. It expanded its scope from selling very expensive loan origination technology to the nation's largest lenders to include selling software to the nation's smallest originators. And now, just a few weeks after the announcement of the sale, the company has released its new product for credit unions, prime+ 12.1.

The new service will installed for all Prime Alliance customers on August 21, 2012. This release offers loan officers and production teams 45 new tools and alerts designed to increase efficiency, enhance communication, and speed loan closings.

According to the company, prime+ 12.1 benefits the entire mortgage team. The idea is simple: automate notifications throughout the mortgage process that prompt action and alert team members and borrowers to important changes and events impacting the lending lifecycle.

“Staying on top of every detail has always been important during loan origination but is now essential due to ever-increasing regulations, which have created stricter compliance standards. This release provides tools that keep everyone informed, help speed processes, and ease compliance burdens,” said Dan Green, executive vice president of marketing, Mortgage Cadence.

“With the complete prime+ mortgage platform, which facilitates mortgage lending from origination through closing and funding, Mortgage Cadence offers the most complete and advanced suite of products in the lending technology industry,” said CEO of Mortgage Cadence, Mike Detwiler. “Our acquisition of Prime Alliance Solutions and the remarkable systems they have built over more than a decade puts our customers years ahead. The time is now for all credit unions to build and execute sustainable mortgage lending strategies. There simply isn’t time to wait for technology to catch up", he stated.

Mortgage Cadence’s next release of prime+ is scheduled for December with version 12.2.

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