Thursday, March 14, 2013

Mortgage Cadence Scores Another Credit Union

Mortgage Cadence LLC, a leading provider of Enterprise Lending Solutions (ELS) Technology and Document and Compliance Services for the financial services industry, reported today that the company is now providing its solutions to Langley Federal Credit Union, Hampton Roads, VA. The CU will be using the firm's Symphony platform to support its rapidly expanding mortgage program.

Langley FCU serves over 170,000 members and has more than $1.7 billion in assets, ranking the financial cooperative as one of the top 100 largest credit unions in the nation. The institution has been serving members for more than 76 years.

I'm glad to see another credit union get serious about mortgage lending. I've spoken to a number of CU execs who told me they considered mortgages "too much for too little," citing increased compliance headaches and multiple partners involved in a process that is among the most complex of any financial services product. But increasingly, CUs are finding that member demand for home financing is not being met by larger banks and mortgage lenders.

One solution is to secure technology that takes most of the work out of the lending process and that's what Mortgage Cadence has worked to build into its suite. Mortgage Cadence says its offering is a complete product suite that wraps the traditionally separate point of sale, loan origination, secondary market and document systems into one.

Symphony is one of two comprehensive Enterprise Lending Systems offered by Mortgage Cadence and is known for both the enhanced experience it offers borrowers as well as the efficiencies it enables for mortgage lenders.

"Langley FCU’s newly vitalized mortgage lending program offers the tremendous opportunity to provide our members with the best in home financing experiences while at the same time positioning the credit union to be the leading lender in the area,” said Dave Mariniak, VP of Real Estate Lending.

In addition to the Symphony platform, Mortgage Cadence’s Consumer Portal will enable Langley FCU’s members to originate their own loans and monitor progress throughout the mortgage cycle.

“Being easy to do business with and providing exceptional service are two key aspects of our strategic plan, and this platform fits well with these goals. Mortgage Cadence’s technology empowers members during the entire financing process, allowing them to place their focus on the home rather than on the mortgage.” Mariniak concluded.