Mortgage Cadence, an Accenture company, enhanced its Enterprise Lending Center (ELC) loan-origination platform by providing additional integration capabilities with Mortgage Guaranty Insurance Corporation (MGIC). The two new ELC features — electronic loan package document delivery and automated mortgage insurance activation, both from MGIC — streamline the origination process by simplifying the ordering and activation of mortgage insurance, resulting in greater speed and productivity for lenders.
For non-delegated mortgage insurance, the electronic loan package document delivery capability gives lenders the option of sending the loan package directly to MGIC for review, eliminating manual document uploads.
Lenders can also activate the mortgage insurance policy by notifying MGIC electronically after loan consummation. MGIC is one of the first mortgage insurance providers to extend this service via integration with a loan-origination system, and Mortgage Cadence’s ELC platform was the first loan origination system on the market to provide this integrated functionality.
“The activation of mortgage insurance after a loan closes is often a grey area,” said Brian Benson, executive manager of services at Mortgage Cadence. “Sometimes it’s the lender that activates the insurance, while other times it’s the servicer. Enterprise Lending Center now automates this activation, creating efficiency and peace of mind for lenders.”
Margaret Crowley, MGIC’s vice president of marketing and customer experience, said, “Through the simple click of a button within the Mortgage Cadence loan-origination system, lenders can automate the document loading process, saving time and streamlining the process of ordering and activating mortgage insurance. We are always looking for ways to make things easier for our customers, and we’re excited about this integration with Mortgage Cadence.”