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Yes, Lenders Are Moving Toward A Digital Mortgage

There is a lot of buzz around the digital mortgage, but are lenders really interested in this strategy? The answer is: Yes. For example, Desert Schools Federal Credit Union (Desert Schools) has deployed the Loan Fulfillment Center from Mortgage Cadence, an Accenture company, to help support its goal of a fully digital loan origination process.

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With the deployment of the Mortgage Cadence product suite, Desert Schools — the largest credit union in Arizona and a top 25 mortgage-producing credit union in the United States — is now creating an unprecedented experience for its customer base of more than 300,000 members.

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“After considering various options, we found that Mortgage Cadence’s technology offered the most streamlined functionality, enabling us to quickly implement an end-to-end solution to support mortgage originations from application to closing without ever leaving the system,” said Gary Sneed, Desert Schools’ chief lending officer. “Mortgage Cadence helps us further our commitment to our members by providing a quick, easy-to-use borrower portal that allows for product comparisons and ongoing member education. Thanks to the close collaboration of our teams, we were able to go live on the system swiftly and capitalize on the benefits this functionality brings to our digital mortgage strategy.”

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Mortgage Cadence’s Loan Fulfillment Center — in coordination with its intuitive Borrower Center, Secondary Market Center, Document Center and Imaging Center — provides the tools necessary for Desert Schools to establish a transparent, compliant and efficient mortgage origination process. The product suite walks prospective homebuyers through the mortgage application process step-by-step and enables clients to provides loan status and other information related to the borrower’s loan application via tools within the platform.

With the Loan Fulfillment Center, each step of the process — from processing, document imaging and package creation to underwriting, post-closing and secondary marketing — continues on-platform and through a single system.

“The future of the industry belongs to innovative lenders who are dedicated to taking steps toward the all-digital mortgage, said Nizar Hashlamon, Mortgage Cadence’s executive vice president of sales. “As an industry-leading institution, Desert Schools Federal Credit Union recognized this and positioned themselves to provide an unparalleled experience for their members for years to come. We are proud to support and help fuel their growth by providing Desert Schools with the type of forward-thinking, intuitive member and lender tools that enable ongoing success.”

About The Author

Tony Garritano
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 tony@progressinlending.com.