*Not Everyone Is Doing Poorly*
**By Tony Garritano**
***Tonight my older son will be performing in a school play. I love the school plays. They’re just great. As a parent you sit in the audience looking at your child shine and it’s truly amazing. So, today I’m in a great mood. As such, I want to spread that mood to you. To this end, in a departure from the usual bad news of the day, I want to be positive today. There are companies that are doing well in this environment and you can do well, too. Here are two examples of successes:
****First, PROGRESS in Lending has learned that Mortgage Cadence, LLC saw tremendous growth in 2011, enabling an aggressive trajectory for 2012. Due in part to the partnering of Monitor Clipper Partners and Mortgage Cadence in 2010, this acquisition allowed Mortgage Cadence to expand its technology offerings.
****By ramping up staff in 2011, Mortgage Cadence was afforded major system advancements. For one, the company deployed its private cloud in late 2010, boasting 99.999% uptime to date. In addition, Mortgage Cadence Symphony and Orchestrator are now delivered through a private cloud and are available immediately to clients anywhere with an internet connection. Also, both solutions now include Opus out of the box, which enables OCR forms recognition and indexing of mortgage and mortgage related documents. Opus also supports data extraction and comes with a compare feature in the Orchestrator lending platform, which compares the data in the system to the data on the document. This is an important feature for compliance and post-closing quality assurance.
****CEO of Mortgage Cadence, Michael Detwiler, provided insight into what some describe as the cutthroat nature of the mortgage industry, “Many technology providers have chosen not to evolve to meet the heightened demands of the current industry and instead update their systems only when necessary in an attempt to remain compliant with regulations and lenders’ needs. By not taking the lenders’ businesses beyond a manual and often disparate process, these vendors are competing in an industry that will soon leave them behind. Mortgage Cadence has left the competition behind this past year by excelling where others have failed.”
****Also, Capsilon, a provider of cloud-based document sharing, imaging and collaboration solutions, reported the company has doubled its monthly revenues in 2011 despite market challenges and achieved this milestone in August, three months before its fiscal year ended.
****Capsilon attributes its success to its technology advancements, signing new clients and the growth of existing clients, including two of the top 10 residential mortgage lenders in the U.S., which were signed in 2010. To accommodate this rapid growth, Capsilon expanded its leadership team, hiring two senior level executives: David Sohm as chief operating officer and Sheila Plunkett as vice president of Sales.
****The company introduced Katalyst 7 to enable financial institutions to extend collaboration and enhance workflow of electronic documents across organizational boundaries. Katalyst Enterprise Edition was also introduced in 2011 for larger financial institutions and integration partners to more easily manage and share electronic documents by seamlessly connecting existing workflow systems, document repositories, loan origination and other operational systems with Katalyst via an API toolkit.
****“We strive to continuously create and enhance electronic document management technology to fulfill the needs of financial institutions regardless of their size,” said Sanjeev Malaney, chief executive officer of Capsilon. “The effort to reduce the use of paper documents has been a growing trend which we expect to accelerate in 2012. With increasing regulations and growing cross industry collaboration needs, the adoption of cloud-based, paperless technology will be vital. We make every effort to alleviate industry communication gaps, make the transition to paperless seamless, enhance document sharing and help companies provide higher levels of service to their customers.”
****So, here you have two companies doing well. Why are they doing well? Because they’re innovating and meeting the needs of their clients. So, success is possible, even in a down market.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.