The Denver-based firm provides mortgage processing software to several hundred credit unions and several large banks.
Mortgage Cadence will join Accenture Software, the software providing portion of the firm, and the company said it looks forward to the relationship opening new markets.
“The U.S. mortgage industry is entering an era in which efficiency, speed and the customer experience will be more crucial than ever in determining winners and losers,” said Terry Moore, global managing director of Accenture Credit Services.
“By adding this key mortgage processing asset, we will enhance our end-to-end credit services capabilities and bring a new generation of mortgage processing services to the industry. This offers lenders improved speed-to-market, cycle-time, costs, and productivity,” Moore said.
Mike Detwiler, CEO of Mortgage Cadence, noted that the larger firm would benefit from Mortgage Cadence's experience with mortgage origination and processing.
“Traditional loan origination technologies have become too complex and cumbersome to meet today's market demands,” said Detwiler. “Because our software is rules-based and highly configurable, it can help lenders accelerate new product introductions, more easily adapt to changing regulatory requirements, and reduce overall cost structures. By combining our technology with Accenture's mortgage processing and software development capabilities, we can deliver more holistic and advanced solutions that will help lenders compete.”
Detwiler also said that Accenture will allow Mortgage Cadence to continue running in the same way and that the firm would retain its commitment to its credit union clients and to helping them serve their members' housing finance needs.
Two leading credit union executives who specialize in housing finance said the deal would benefit Mortgage Cadence' credit union clients.
"We could not be more pleased Mortgage Cadence has agreed to become a member of the Accenture family. Accenture's scope, expertise and resources benefit their business in multiple ways. It also offers many advantages for us, too, as we build a better mortgage experience for our members and a more efficient operation for our credit union," said Scott Strand, chief lending officer and SVP of the $11.6 billion BECU in Tukwila, Wash.
"A dozen years ago two small groups of mortgage and technology professionals put their heads together with the goal of creating a more efficient lending process while, at the same time, improving the financing experience for the borrower. They created Mortgage Cadence and Prime Alliance Solutions. After combining forces in 2012, today they, having made great progress toward the goal, joined one of the largest consulting and technology companies in the world." said Joe Brancucci, CEO of the $1.6 billion GTE Financial in Tampa, Fla., and founder of Prime Alliance Solutions.