Mortgage Cadence LLC has announced that it will spin off its compliance, content and document preparation division, Mortgage Cadence Finale, into a separate entity, Finale Document Services. Finale allows lenders to create initial disclosures, interim packages, closing packages, loan modification packages, short sale documents and any other financial document and deliver them securely to the borrower or settlement agent in seconds. The tool was integrated into the company’s ELS offering (Orchestrator), but has since found a larger market as a standalone.
"We’ve been in the compliance, content, document creation and management business since 1999 and have invested tens of millions of dollars into this product line and the seasoned team that supports it," said Michael Detwiler, chief executive officer of Mortgage Cadence LLC. "I pushed my team to develop an industry-leading document preparation and delivery solution powered by our proprietary rules engine because we could no longer stand idly while the industry continued to be underserved. We have streamlined implementations and eliminated document-related problems and compliance issues while increasing client satisfaction across the board. An amazing statistic to note is that since inception, we haven’t lost a single Finale customer to a competitor. That statement alone speaks volumes.”
Finale contains an array of features, including the ability to:
►Generate forms dynamically for each individual and unique transaction;
►Eliminate re-keying of data;
►Automate the document generation/distribution processes; and
►Maintain strict compliance.
The system can generate fully compliant forms for Fannie Mae, Freddie Mac, FHA and VA programs, as well as federal and state disclosures and supports all other investors as well. The platform supports doc prep for truly any financial transaction including first mortgages, second mortgages, HELOC’s, loan modifications, short sale, and forward and reverse mortgages. In addition, the offering provides:
►Enforcement of compliance and risk policy through encryption and rules-based dynamic documents
►Additional quality control and compliance guidance, creating a risk free environment to focus on profitability and providing superior customer service
►Best-in-class E&O coverage
►Document creation and change SLA within 24 hours
►Automatic alerts and triggers to notify borrowers and settlement agents of document availability
►Dynamic documents that eliminate wasted white space and provide layout freedom
►Unparalleled document generation processing speed
►A secure delivery portal with e-sign technology
►Dedicated customer support resources
“Finale delivers the document set that is required in complete compliance, regardless of the type of product or the jurisdiction,” Detwiler said. “We have a team of attorneys and compliance professionals ensuring our clients will be protected. The days of having an originator click boxes to determine what docs get included are over. The risk is simply too high. Lenders taking a loose approach to documents will fall out of compliance and be asked to buy loans back. Buyback requests for document-related issues are not as common now, but make no mistake, they will be. Lenders need to get prepared with the right solution.”
