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RealEC and Mortgage Cadence Offer Lenders Enhanced Connectivity By James Comtois GREENWOOD VILLAGE, CO-In order to provide value-added services and increased efficiency to users of its Orchestrator application, Mortgage Cadence, a provider of enterprise lending solutions for the financial services industry here, has formed a partnership with RealEC Technologies, a provider of collaborative network services to the mortgage industry headquartered in Santa Ana, Calif. Through this partnership, Mortgage Cadence now offers a seamless process for ordering settlement services products. The alliance between Mortgage Cadence and RealEC alleviates the manual labor associated with ordering settlement services products for lenders and provides immediate access to RealEC's network of more than 13,000 connected service providers. Bill O'Connell, senior vice president of RealEC Technologies, said in a statement that his company had high hopes for its partnership with Mortgage Cadence. "We look forward to working closely with Mortgage Cadence to continue to develop new efficiencies for our mutual lender clients and to drive more time and expense out of the mortgage transaction," he said. The service provided through the partnership allows users of the Mortgage Cadence Orchestrator lending platform to order settlement services' products electronically in an automated manner. These products include appraisal, AVM, flood, credit, mortgage insurance, title, escrow and closing services. The seamless nature of the transaction allows Mortgage Cadence Orchestrator users to deliver order data information from the ELS to the applicable Service Provider through RealEC's Electronic Partner Network, the RealEC Exchange. In turn, RealEC automatically submits the orders to each service provider without requiring any additional keystrokes or time spent on data entry. The settlement products and associated data can then be returned back to the lender with the appropriate information automatically populated or attached to the loan record, thereby simplifying the entire process for order and fulfillment of settlement services. The information can also be automatically incorporated into the loan decisioning process, if required, as defined by the lender. Chuck Kimball, vice president of product management for Mortgage Cadence, explained in a statement how this alliance with RealEC is strategic in nature for both its business and clients. "By offering their combined services we remain committed to our client base by providing them with the ability to automate the ordering of services through an electronic, hands-free environment, thereby streamlining the order entry and delivery process, as well as reducing unwanted and excessive manual labor," he said. In addition to the efficiency gains from the seamless transfer of data out and into the Mortgage Cadence Orchestrator application, lenders are afforded additional reductions in loan processing time by eliminating the manual ordering process. Utilizing the ACE BRMS (business rule management system) and workflow functionality, the lender can define rules for automatically calling one or more service providers based on predefined conditions, such as loan status. The lender may also define when rules can be overridden, by whom they can be overridden and track those overrides with the audit tool. The retrieval of services can also automatically trigger notification to the appropriate parties within the lending process, be it borrower, broker or correspondent.

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