To enhance its loan origination process, Carnegie Mortgage LLC, a subsidiary of Grand Bank NA of Hamilton, N.J., is relying on a new partnership that has helped bring up to date its mortgage lending and document management technology platform.
The partnership brings together the private and consumer centric banking environment of Carnegie Mortgage with state-of-the-art platforms and service offerings of Mortgage Cadence that helps reduce manual processes, enforces compliant business policies, decreases risk and "allows for the relocation of employees to areas within the business that require a personal touch," says Michael Detwiler, CEO of Mortgage Cadence.
Carnegie Mortgage originates approximately $200 million in mortgages on a monthly basis through both its retail and wholesale channels, Ovation Home Loans and Icon Residential Lenders.
New technology and a higher level of automation of loan processing are expected to expand the firms' footprint in their respective markets by driving down costs per loan. Executives also see major benefits in a platform that allows these firms to stay in compliance with regulatory requirements and meet the complex data and information security requirements they have to abide to.
The choice was based on the lenders' need to secure "enterprise-level technology" that automates compliance reviews, flexibility in processing, scalability and multiple deployment of options, says Carnegie Mortgage president, Graham Fleming.
The new platform integrates all functions and data elements required to optimize, manage and score lending performance, offering "full access to end-to-end loan origination," automated underwriting and product pricing, he adds.
