February 26, 2014
Summit Credit Union Chooses Accenture to Streamline Operations, Increase Efficiency of Mortgage Processing, and Simplify Borrowing for Customers
Lender will implement Accenture Mortgage Cadence cloud-based software platform
NEW YORK; February 26, 2014 – Accenture (NYSE: ACN) announced that Summit Credit Union, based in Madison, Wisconsin, has chosen software from Accenture Mortgage Cadence to streamline its lending operations and enhance the home financing experience for its members. Summit Credit Union will be using Accenture Mortgage Cadence’s Borrower, Loan Fulfillment and Imaging Centers, formerly known as the Symphony platform.
The cloud-based platform covers the full lending cycle, from point-of-sale through delivery, including imaging, documents and secondary market tools that help make pipeline management and loan sales more efficient. With easier access to data, users can process, underwrite, close and fund loans from virtually any location, at any time, resulting in faster responses to customer inquiries. Accenture Mortgage Cadence has extensively studied methods for increased efficiencies, productivity and profitability in the lending process and incorporated these findings into its solutions.
“As one of Wisconsin’s largest home lenders, Summit Credit Union is known for our service and for our competitive, member-friendly mortgage programs,” said Daniel Milbrandt, Chief Lending Officer, Summit Credit Union. “After exploring numerous technology options, we found that the Accenture Mortgage Cadence offering was, by far, the most comprehensive platform available, including the Borrower Center which enables our borrowers to self-originate and the Loan Fulfillment Center which helps our staff efficiently process mortgages electronically. Additionally, the Imaging Center will help eliminate paper as well as simplify document exchange with our members and investors.”
“Many factors challenge the efficiency of the lending process, such as fluctuating volumes, the regulatory climate and ongoing changes with Government Sponsored Enterprises,” said Christine Haroldson, Vice President of Mortgage Lending, Summit Credit Union. “We’ve chosen Accenture Mortgage Cadence software to increase our end-to-end productivity and simplify the borrowing process for our customers. We thoroughly researched our options, including talking with several Borrower Center and Loan Fulfillment Center customers, and saw that the benefits are real for lenders and borrowers. The Accenture Mortgage Cadence benchmarking study also provides powerful insight as the report we saw that tracks performance over so long a time period.”
“Delivering Accenture Mortgage Cadence solutions through the Accenture Mortgage Cadence Cloud offers significant advantages to our lenders and to our borrowers, and we’re pleased to be working with Summit Credit Union,” said Michael Detwiler, managing director, Accenture Mortgage Cadence. “As proven by Summit Credit Union, today’s home buyers demand efficient service and access to their loan information wherever they happen to be. Our flexible Software as a Service delivery makes that possible.”
Accenture Mortgage Cadence provides loan origination software solutions for residential mortgage lenders in the United States. Its portfolio of software supports mortgage origination, processing, underwriting, closing and post-closing with on-premise, software-as-a-service (SaaS) and cloud-based solutions. Accenture Mortgage Cadence also offers electronic mortgage document management systems and imaging solutions.
About Summit Credit Union:
Established in 1935, Summit Credit Union is a member-owned financial cooperative open to anyone in Wisconsin. Summit holds $1.9 billion in assets and has more than 130,000 members with a total of 24 locations throughout the Madison and Milwaukee areas. For more information, visit www.summitcreditunion.com or call (608) 243-5000 or (800) 236-5560.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 281,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com.
Accenture Software combines deep technology acumen with industry knowledge to develop differentiated software products. It offers innovative software-based solutions, like Accenture Mortgage Cadence, to enable organizations to meet their business goals and achieve high performance. Its home page is www.accenture.com/software. Accenture Mortgage Cadence serves as the core mortgage loan-origination platform for Accenture Credit Services, a business service providing consulting, technology and outsourcing services to the residential mortgage, commercial real estate, leasing and automotive finance industries.