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Mortgage Cadence Provides Technology to Automate Reverse Lending

Colorado-based ""Mortgage Cadence Inc"":http://www.mortgagecadence.com, a provider of enterprise lending solutions (ELS) for the financial services industry, recently announced that it is helping ""Senior Lending Network"":http://www.seniorlendingnetwork.com, a program of ""World Alliance Financial Corp"":http://www.worldalliancefinancial.com and a recognized leader in reverse mortgages, automate back office workflow for its reverse lending and document preparation process. To accomplish this efficiency, Senior Lending Network has implemented the Mortgage Cadence Orchestrator and Finale technology solutions.
""This is a marketplace that is expanding exponentially, with more than 6,500 seniors turning 62 each day,"" said David Peskin, CEO of Senior Lending Network. ""There is a tremendous need for the reverse mortgage product and a proven technology solution to support our business as it rapidly grows."" Peskin explained that his organization turned to the technology from Mortgage Cadence to efficiently scale its operations and move loans swiftly from point of sale to the closing table.
Mortgage Cadence supports multiple top 10 reverse lenders and lenders that are new to the reverse market segment. The reverse mortgage functionality included in the Mortgage Cadence Orchestrator ELS supports reverse process flows and requirements. Additionally, it provides lenders with the ability to enter 1009s and HUD supplements, complete calculations for FHA HECMs and Fannie Mae Home Keeper products, access reverse mortgage-specific forms with a 100 percent pull-through, add additional customized calculations, as well as provides support for multiple underwriting processes such as mortgage credit analysis and property analysis, the company explained in a press statement. According to Peskin, the automation aspect of the technology has allowed his organization to significantly drive down costs.
Mortgage Cadence Finale, a document solution that supports both forward and reverse lending, creates initial disclosures and closing packages and securely delivers them to the borrower or settlement agent. The Mortgage Cadence Finale team works in conjunction with ""Weiner Brodsky Sidman Kider PC"":http://www.wbsk.com to provide a full range of legal services and guidance in areas including due diligence, FHA/VA/GNMA, and federal and state regulatory compliance. This relationship strengthens Mortgage Cadence Finale’s position within the mortgage document services space, the company said.
""We saw the potential in the reverse mortgage lending market early on and so we have been pro-actively working on this functionality for years,"" stated Michael Detwiler, CEO of Mortgage Cadence. ""We are pleased to partner with one of the true reverse lending innovators, Senior Lending Network.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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