Accenture has closed its previously announced acquisition of Mortgage Cadence from Monitor Clipper Partners. No financial terms were disclosed. Headquartered in Denver, Colorado, Mortgage Cadence is a provider of loan origination software and electronic document management services in the U.S.
NEW YORK–(BUSINESS WIRE)–Accenture (NYSE: ACN) has completed its acquisition of Mortgage Cadence, a provider of loan origination software and electronic document management services in the United States. The acquisition adds an advanced technology platform to strengthen Accenture’s mortgage business process outsourcing services and enables the company to offer software to mortgage lenders looking to increase efficiencies and reduce costs.
Through the acquisition, Mortgage Cadence software will serve as the core loan-origination platform for Accenture Credit Services, a business service within Accenture’s financial services operating group that provides consulting, technology and outsourcing services to financial institutions. The platform will enable Accenture to more efficiently process mortgages on behalf of outsourcing clients. Accenture announced its agreement to acquire Mortgage Cadence from its founders and Monitor Clipper Partners, a Boston-based private equity firm, on July 15, 2013.
“As the focus of mortgage lending shifts away from refinancing activity to the more complex business of home-purchase lending, the need for better technology and streamlined processes is more obvious than ever to U.S. lenders,” said Terry Moore, global managing director of Accenture Credit Services. “By using Mortgage Cadence technology to power our mortgage processing services, we can offer our clients increased processing speed, efficiency, and flexibility to reduce overall costs and improve service.”
With the acquisition, Mortgage Cadence’s approximately 190 U.S. employees — and its full portfolio of on-premise, software-as-a-service (SaaS) and cloud-based solutions that support mortgage origination, processing, underwriting, closing, post-closing, document management and imaging — have become part of Accenture Software. Accenture Software will provide the software to lenders on a standalone basis as part of its banking-software portfolio.
“Many U.S. lenders today rely on outdated systems to process mortgages, which creates a significant disadvantage in terms of speed, quality and compliance,” said Jim Astorian, managing director, Accenture Software. “The addition of this technology to our financial services software-portfolio – with its proven record of reducing costs and improving service-quality — reflects Accenture’s longstanding focus on providing market leading solutions for the industry sectors we serve.”
Michael Detwiler, former CEO of Mortgage Cadence and a newly appointed managing director in Accenture Credit Services, said: “Mortgage Cadence technology innovations will gain new momentum as part of Accenture. That creates an opportunity to do more to help streamline and improve mortgage processing in the U.S.”
Accenture significantly expanded its mortgage industry capabilities in 2011 with the launch of Accenture Credit Services and its acquisition of a leading provider of residential and commercial mortgage processing services in the U.S., formerly known as Zenta.