Mortgage Cadence has created integrations for National MI and Essent on its legacy Loan Fulfilment Center loan origination system, meaning all six active underwriters are now available through this platform.
LFC is one of two platforms the company is managing, and it is nearing the end of its life cycle, although time-wise, that is far off, said Jim Rosen, executive vice president of services, in an interview. The system’s retirement date has not been set but may take place in a couple years, depending on a variety of factors.
The company is also managing its flagship Mortgage Cadence Platform, which all of its enterprise customers are already using. All of the private mortgage insurers had already established integrations with this particular LOS, National MI being the most recent, last August.
But as Mortgage Cadence is figuring out its strategy around the LFC, and the end of life, “those two MIs said, ‘look, we really want to be on that platform. We have customers who use our service, using it through the website; they should have the opportunity to use it as a secure integration,'” said Rosen.
As its course of business, Mortgage Cadence makes two to three updates per year for the LFC and these integrations were included on the 23.1 release.
“So we now have parity across the six major providers on both platforms for all Mortgage Cadence customers,” Rosen continued.
Earlier this year, an integration was announced between MCP and PMI Rate Pro, an online service that compares pricing among the six companies.
That product will only be available on the newer platform, which Rosen noted will be a differentiator between the two and a carrot to get users to MCP.
However, originators that use LFC can still get rate quotes as they have in the past, by direct integrations with each mortgage insurer.
“We are delighted to broaden our relationship with Mortgage Cadence,” said Norm Fitzgerald, chief sales officer at National MI, in a press release. “This integration provides improved access and ease of use to customers using LFC, enabling them to view our rates instantly.”
Essent in its own press release expressed similar sentiments. “We are dedicated to providing streamlined access to our product offerings for customers and to working with mortgage technology providers focused on enabling a great mortgage experience for the borrower,” said Kendra Placek, vice president of customer experience and innovation at Essent.
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