Accenture acquired BeesPath Inc.'s ClosingBridge product to become part of its Mortgage Cadence loan origination software and help lenders with TILA-RESPA integrated disclosure compliance.
The price was not disclosed.
ClosingBridge, which can be used by all parties in the mortgage transaction, is being rebranded as Collaboration Center. At first Accenture will market it as a standalone product but future versions will be incorporated into Mortgage Cadence.
BeesPath President Todd Hougaard is joining Mortgage Cadence to help speed integration and to spearhead product advancement going forward.
"In addition to accelerating our digital strategy, this asset acquisition puts more functionality into our clients' hands sooner, enabling them to close loans more quickly while having the assurance that the loan communications are secure," said Mortgage Cadence President and Chief Operating Officer Trevor Gauthier in a press release.
Among the uses for ClosingBridge is to facilitate communication between the lender and title or settlement agent so originators can remain in compliance with the TRID rule regarding delivery of documents to the borrower three business days prior to closing, Accenture said.