| News Release: The Nation’s Largest Loss Mitigation and Modification Provider Selects Mortgage Cadence |
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The Nation’s Largest Loss Mitigation and Modification Provider Selects Mortgage Cadence as Their Technology and Document Services Supplier Urban Settlement to Leverage Mortgage Cadence as they Scale their Business to a Projected 300,000 Loan Modifications a Month by Year End DENVER, July 28, 2009 – Mortgage Cadence, Inc., a leading provider of Enterprise Lending Solutions (ELS) for the financial services industry, has been selected by Pittsburgh, Pennsylvania based Urban Settlement Services to replace their primary analytic and document solution. Urban Settlement, through their Home Retention work, has become an industry leader in helping families keep their homes, processing over 600,000 loan work-outs in 2008 and projecting volumes of 300,000 per month towards the latter half of 2009. The Mortgage Cadence product suite, consisting of Mortgage Cadence Orchestrator™, Mortgage Cadence Harmony™ and Mortgage Cadence Finale™, will work seamlessly to allow Urban Settlement to bulk import upwards of 50,000 loans at a time, validate data, perform analytics and dynamically create and securely deliver the required loan modification documents for servicer approval and fulfillment. Urban Settlement Services is a company built on excellence, dedication and teamwork. For over ten years Urban Settlement has been a problem solver for lenders and servicers. Today, they are one of the most highly rated, privately-held professional services companies in the country, providing appraisal, title and settlement services to some of the nation’s top lenders. Their key focus is helping people achieve and preserve the American dream of owning a home.“Urban Settlement was built from the ground up with superior customer service as the cornerstone, which drove us to delivering the fastest turn times in the industry and has resulted in our preferred Tier 1 vendor status,” stated Jim Smith, President of Urban Settlement Services. “As our volumes mounted, we came to the realization that in order to maintain this level of service we needed to make some strategic changes to how we do business, and in particular find a technology solution that could further automate our processes while delivering validation tools, analytics and document preparation and delivery services. Mortgage Cadence is the only vendor that not only shares our passion for world class customer service, but has the technology and infrastructure in place to deliver on this promise.” The combination of Mortgage Cadence Orchestrator, Mortgage Cadence Harmony and Mortgage Cadence Finale will provide Urban Settlement with a powerful end-to-end rules based enterprise lending, Web portal, and electronic document solution that leverages demand-driven workflow and automated decisioning enabling them to automate the modification of troubled mortgages rapidly and cost effectively. This technology is designed to analyze and assist companies such as Urban with achieving affordable and sustainable mortgage programs for borrowers while increasing the value of distressed mortgages by re-establishing them into performing loans. “Mortgage Cadence reverse engineered our business process and provided a solution that has reduced our processing time by over 80%,” added Smith. “It is truly amazing, and I look forward to seeing what other advancements can be made.” The solution Mr. Smith is referring to is pushing a bulk import of tens of thousands of loans into Mortgage Cadence Orchestrator and running an Urban Settlement specific validation on all the loans. Next, custom analytics are run, based on tasks and parameters defined by Urban, to then slot the proper loans for modification. Orchestrator then exports all imperative information for servicer approval and Mortgage Cadence Finale generates the appropriate modification documents and delivers them securely to the servicer for fulfillment approval. Urban clients will access Mortgage Cadence Harmony for status, results, reporting and production documents. The last piece of the equation will be setting up workflow and guidelines for all of the applicable loans to exponentially speed the underwriting process. “I am proud to partner with Urban Settlement as they share our customer centric vision,” stated Michael Detwiler, Chief Executive Officer of Mortgage Cadence, Inc. “The capacity it takes to run this number of loan modifications through our system at a given time speaks volumes to the stability and scalability of our infrastructure and is attributed to the over 10 years we have invested in constructing, maintaining, updating and configuring our data centers. The ability to expand our solutions and meet the needs of the loss mitigation market is due to the breadth and depth of our offerings and the flexibility to accommodate workflow and analytics that servicers, borrowers, and investors need to accurately and quickly perform loan modifications. We’re excited to assist lenders and their borrowers through this difficult market stage and help people keep their homes during these challenging times.” About Urban Settlement Services About Mortgage Cadence Trevor Gauthier |
