The $1 billion, 59,900-member Eli Lilly FCU in Indianapolis plans to convert to mortgage loan management software from Mortgage Cadence LLC this spring, the company and credit union said.
The cloud-based Symphony solution manages loans from origination through closing, including documents, imaging and secondary marketing and allows quick approvals and information access from any Internet-connected device, the company and credit union said.
“The traditional multi-system approach to originating mortgage loans inherently introduces inefficiency and inaccuracy. In addition, managing compliance has become increasingly difficult,” said Elaine Rinehart, assistant vice president, Business Analysis and Applications, at ELFCU.
“Producing quality, compliant loans is just like manufacturing anything else. The process requires tools, technology and all-inclusive systems that ensure processes and rules are consistently followed,” said Michael Detwiler, CEO at Mortgage Cadence in Denver.
Mortgage Cadence said it now provides its enterprise lending solutions and document and compliance services to more than 600 customers, including more than 500 credit unions. The Symphony platform was known as prime+ until its owner, Prime Alliance, was purchased by MortgageCadence in 2012.