Software provider Mortgage Cadence is set to release a new loan origination system (LOS) on Monday. The new, Cloud-based system, called Symphony, aims to work for lenders of any size, including companies that offer reverse mortgages.
“All but the nation’s largest lenders have had to settle for substandard loan origination automation for far too long,” said Chuck Kimball, executive vice president of product experience for Mortgage Cadence. “Lenders of all sizes deserve an LOS that offers them all of the compliance support, time-saving features and reliability that the nation’s Top-100 lenders have come to expect. With this offering, we’re giving it to them.”
The product fills a current gap in the marketplace by offering an enterprise-level power in a pre-configured solution that locks down compliant processes, the company said. A lender can implement and put the software into production in just a few weeks.
In a regulatory climate that is consistently changing, Symphony will allow its users to implement change within 24 hours. It is entirely Web-based, includes a document prep service, and can integrate with third-party vendors.
Written by Elizabeth Ecker