Mortgage Cadence, LLC, a leading provider of Enterprise Lending Solutions (ELS), Default Servicing Technology and Document Services for the financial services industry, today announced that it will spin off its successful compliance, content and document preparation division, Mortgage Cadence Finale™, into a separate entity, Finale Document Services. Finale allows lenders to create initial disclosures, interim packages, closing packages, loan modification packages, short sale documents and any other financial document and deliver them securely to the borrower or settlement agent in seconds. The tool was integrated into the company’s ELS offering (Orchestrator™) but has since found a larger market as a standalone.

"We’ve been in the compliance, content, document creation and management business since 1999 and have invested tens of millions of dollars into this product line and the seasoned team that supports it," said Michael Detwiler, chief executive officer of Mortgage Cadence. "I pushed my team to develop an industry-leading document preparation and delivery solution powered by our proprietary rules engine because we could no longer stand idly while the industry continued to be underserved. We have streamlined implementations and eliminated document-related problems and compliance issues while increasing client satisfaction across the board. An amazing statistic to note is that since inception, we haven’t lost a single Finale customer to a competitor. That statement alone speaks volumes.”

Finale contains an impressive array of features, including the ability to: generate forms dynamically for each individual and unique transaction, eliminate re-keying of data, automate the document generation/distribution processes, and maintain strict compliance. The system can generate fully compliant forms for Fannie Mae, Freddie Mac, FHA and VA programs, as well as federal and state disclosures and supports all other investors as well. The platform supports doc prep for truly any financial transaction including first mortgages, second mortgages, HELOC’s, loan modifications, short sale, and forward and reverse mortgages. In addition, the offering provides:
  • Enforcement of compliance and risk policy through encryption and rules-based dynamic documents
  • Additional quality control and compliance guidance, creating a risk free environment to focus on profitability and providing superior customer service
  • Best-in-class E&O coverage
  • Document creation and change SLA within 24 hours
  • Automatic alerts and triggers to notify borrowers and settlement agents of document availability
  • Dynamic documents that eliminate wasted white space and provide layout freedom
  • Unparalleled document generation processing speed
  • A secure delivery portal with e-sign technology
  • Dedicated customer support resources
Unlike other doc prep solutions, Finale does not maintain a forms library, but rather, assesses the data coming from the system of record, whatever that is, and creates the appropriate docs (and only the appropriate docs) systematically in real time – even including the correct number of signature lines to accommodate the transaction. This method is much more manageable and efficient than trying to maintain a library of thousands of documents in XML, Word and PDF formats. The ROI is unrivaled.

“Finale delivers the document set that is required in complete compliance, regardless of the type of product or the jurisdiction,” Detwiler said. “We have a team of attorneys and compliance professionals ensuring our clients will be protected. The days of having an originator click boxes to determine what docs get included are over. The risk is simply too high. Lenders taking a loose approach to documents will fall out of compliance and be asked to buy loans back. Buyback requests for document-related issues are not as common now, but make no mistake, they will be. Lenders need to get prepared with the right solution.”

About Finale Document Services
Finale Document Services is a document preparation and content provider combining long-standing knowledge in mortgages with financial services, software development, and regulatory compliance expertise. The Finale team supports organizations by reassessing their business operations, identifying areas that expose them to the greatest risk and ensuring that the necessary controls are in place to originate compliant products. To learn more, please visit http://www.finaledocumentservices.com.

About Mortgage Cadence, LLC
Mortgage Cadence is the leading provider of Enterprise Lending Solutions ("ELS") which employ an extensive financial services data model wrapped with a native rules engine to deliver data-driven workflow automation tools to mortgage banks, lenders, service providers and servicers. Mortgage Cadence has developed enterprise solutions that integrate all functions and data elements required to optimize, manage and score lending performance. The mortgage industry is always shifting to meet demands and minimize risks. Mortgage Cadence’s flexible solutions continue to evolve to meet those needs. To learn more, please visit http://www.mortgagecadence.com.