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Mortgage Cadence Adds New Capabilities

Denver-based Mortgage Cadence [1], an Accenture company, has added DataVerify [2] capabilities to its Enterprise Lending Center (ELC) loan-origination platform, providing additional data verification, fraud prevention, and compliance assistance.

The enhanced functionality streamlines the application authentication process and improves the borrower experience by automating verification of borrower-provided information, including income and social security data.

The DataVerify integration provides on-platform access to 4506-T IRS transcript ordering and verification. Without this functionality, lenders must navigate to the IRS website, rekey borrower data, and manually complete the 4506-T form, which taxpayers use to request copies of their tax return information.

With the new functionality, Mortgage Cadence clients can execute the process without leaving the ELC platform—requesting borrower authorization via eSign and then, once consent is given, ordering 4506-T verification directly from the IRS. Customers using this new integration can this process up to 95% faster.

“Optimized workflows and increased automation are essential to reducing time and cost to close. This latest integration between our Enterprise Lending Center and DataVerify is yet another example of how we help lenders improve operating performance,” said Paul Wetzel, EVP and Managing Director of product management at Mortgage Cadence.

The newly released 4506-T DataVerify integration provides additional workflow automation to ELC customers who currently use DataVerify’s DRIVE platform—a single-source application that automates the manual underwriting process and that features audit trail capabilities. When lenders receive 4506-T results, the data is automatically updated in real-time within the DRIVE report, resulting in an enhanced process that helps to decrease costs to close by automating what had previously been done manually.

“At DataVerify, our mission is to deliver flexible solutions tailored to meet the ever-changing needs of our customers,” said Brad Bogel, President, DataVerify. “Our integration with Mortgage Cadence furthers this mission by providing convenient access to secure verification processes that address industry compliance regulations all within the lender’s origination platform, Enterprise Lending Center.”

The potential benefits to the borrower are equally significant. Instead of borrowers being asked to provide detailed information, and in some cases, additional data to verify this information, such a process is now automated on the back end, helping to reduce time to close.