Mortgage & Compliance as-a-Service provides end-to-end loan fulfillment capability including a regulatory compliance warranty
NEW YORK; Oct. 13, 2016 – Accenture (NYSE: ACN) has introduced a revolutionary solution, Mortgage & Compliance as-a-Service (MCaaS), designed to help simplify the outsourcing model for lenders by providing a prescribed, end-to-end, product-rich mortgage manufacturing solution, coupled with the U.S. mortgage industry’s only warranty for compliance and investor risk. MCaaS loans will be processed on the Accenture Credit Services proprietary lending technology platform, LoanSequence.
The new solution is designed to help mortgage and home equity lenders reduce overall cycle times, scale volume on demand, improve regulatory compliance and reduce the potential for repurchase risk, at a predictable outcome-based cost. It will also help reduce the need for lenders to continually upgrade their legacy mortgage technology and processes to be compliant with the latest investor and regulatory requirements.
“With lenders facing a perfect storm of outdated technology platforms, constantly changing regulatory requirements, rising costs, fast-moving, non-traditional players and digitally sophisticated customers, innovation with vision beyond low-cost locations and lower labor costs is critical,” said Mike Detwiler, senior managing director of Accenture Credit Services. “Through this offering, Accenture is expanding well beyond the traditional business process outsourcing model that it has provided to the mortgage industry for many years. By making compliance and back-end operations more effective and efficient, our clients will be free to focus on customer retention and acquisition, which is key to success in today’s competitive environment.”
The MCaaS solution aligns to lenders’ existing compliance infrastructure and provides a robust warranty framework for regulatory compliance, vendor and investor guidelines management, as well as data integrity. With this warranty framework in place, MCaaS loans will be processed and underwritten in compliance with applicable laws and regulations. MCaaS loans will also meet lenders’ standards and specific investor guidelines, be transacted by world-class services providers and delivered on Accenture’s delivery platform providing leading data integrity and security.
LoanSequence, a technical suite of Accenture’s internal technologies, is an end-to-end loan origination platform tightly integrated with workflow and advanced automation tools to help deliver efficiency, productivity and process automation. The platform manages all third-party integrations and delivery and includes integrated dynamic documents with eDelivery and eSign, rules-based workflow, just-in-time workload allocation, real-time data analytics, and Business Intelligence dashboarding and reporting.
HfS Research recently named Accenture as “the overall leader” in innovation and execution in its Mortgage As-a-Service Blueprint Report, saying that the company is a “Mortgage As-a-Service visionary driving operationally excellent engagements by leveraging leading industry assets.”
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 384,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
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