Mortgage Cadence Inc., a provider of Enterprise Lending Solutions (ELS) for the financial services industry, has been selected by Pittsburgh-based Urban Settlement Services to replace their primary analytic and document solution. Urban Settlement, through their Home Retention work, has become an industry leader in helping families keep their homes, processing more than 600,000 loan workouts in 2008 and projecting volumes of 300,000 per month towards the latter half of 2009.
The Mortgage Cadence product suite, consisting of Mortgage Cadence Orchestrator, Mortgage Cadence Harmony and Mortgage Cadence Finale, will work seamlessly to allow Urban Settlement to bulk import upwards of 50,000 loans at a time, validate data, perform analytics and dynamically create and securely deliver the required loan modification documents for servicer approval and fulfillment.
“Urban Settlement was built from the ground up with superior customer service as the cornerstone, which drove us to delivering the fastest turn times in the industry and has resulted in our preferred Tier 1 vendor status,” stated Jim Smith, president of Urban Settlement Services. “As our volumes mounted, we came to the realization that in order to maintain this level of service we needed to make some strategic changes to how we do business, and in particular find a technology solution that could further automate our processes while delivering validation tools, analytics and document preparation and delivery services. Mortgage Cadence is the only vendor that not only shares our passion for world-class customer service, but has the technology and infrastructure in place to deliver on this promise.”
The combination of Mortgage Cadence Orchestrator, Mortgage Cadence Harmony and Mortgage Cadence Finale will provide Urban Settlement with a powerful end-to-end rules based enterprise lending, Web portal, and electronic document solution that leverages demand-driven workflow and automated decisioning enabling them to automate the modification of troubled mortgages rapidly and cost effectively. This technology is designed to analyze and assist companies such as Urban with achieving affordable and sustainable mortgage programs for borrowers while increasing the value of distressed mortgages by re-establishing them into performing loans.
“Mortgage Cadence reverse-engineered our business process and provided a solution that has reduced our processing time by over 80 percent,” said Smith. “It is truly amazing, and I look forward to seeing what other advancements can be made.”
The solution Smith is referring to is pushing a bulk import of tens of thousands of loans into Mortgage Cadence Orchestrator and running an Urban Settlement specific validation on all the loans. Next, custom analytics are run, based on tasks and parameters defined by Urban, to then slot the proper loans for modification. Orchestrator then exports all imperative information for servicer approval and Mortgage Cadence Finale generates the appropriate modification documents and delivers them securely to the servicer for fulfillment approval. Urban clients will access Mortgage Cadence Harmony for status, results, reporting and production documents. The last piece of the equation will be setting up workflow and guidelines for all of the applicable loans to exponentially speed the underwriting process.
“I am proud to partner with Urban Settlement as they share our customer centric vision,” stated Michael Detwiler, chief executive officer of Mortgage Cadence. “The capacity it takes to run this number of loan modifications through our system at a given time speaks volumes to the stability and scalability of our infrastructure and is attributed to the over 10 years we have invested in constructing, maintaining, updating and configuring our data centers. The ability to expand our solutions and meet the needs of the loss mitigation market is due to the breadth and depth of our offerings and the flexibility to accommodate workflow and analytics that servicers, borrowers and investors need to accurately and quickly perform loan modifications. We’re excited to assist lenders and their borrowers through this difficult market stage and help people keep their homes during these challenging times.”
For more information, visit www.urbansettlement.com or www.mortgagecadence.com.