Loan Fulfillment Center provides full functionality to meet TILA-RESPA rules
DENVER, CO; July 16, 2015 – With the release of the latest version of the Accenture Mortgage Cadence Loan Fulfillment Center platform, Accenture (NYSE: ACN) has completed enhancements to all of its mortgage lending platforms to provide lenders with the required functionality to lend compliantly with the TILA-RESPA Integrated Disclosure (TRID) rule, which now, pending a final rule from the CFPB, goes into effect on October 3, 2015.
The TILA-RESPA Integrated Disclosure rule eliminates legacy mortgage loan documents and replaces them with two new forms: the Loan Estimate and the Closing Disclosure. Seemingly simple, this regulation requires extensive changes to documents, calculations and legacy processes. In order to support customers with the changes, version 15.0 of the Loan Fulfillment Center delivers the revised calculations, new documents, and new rules around document timing and delivery requirements as indicated by the regulation.
The Loan Fulfillment Center is Accenture Mortgage Cadence’s retail-focused, cloud-based loan origination solution. For lenders in need of a powerful yet cost-effective loan origination system with TRID-specific functionality, Loan Fulfillment Center is an ideal solution. Features in this new release include:
- Support for the new Loan Estimate and Closing Disclosure, including the new TILA-RESPA data points and supporting calculations;
- Three business day advance delivery of Closing Disclosures to consumers, as required by the regulation; and
- New options to provide comparison data for fees and Changed Circumstance information.
Accenture recently released Enterprise Lending Center version 8.0. This release, combined with the Loan Fulfillment Center release now enables all Accenture Mortgage Cadence clients to be ready with the tools they need to comply with all TILA-RESPA Integrated Disclosure requirements before the effective date.
Accenture is a global management consulting, technology services and outsourcing company, with more than 336,000 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$30.0 billion for the fiscal year ended Aug. 31, 2014. 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 lending, leasing and automotive finance industries.
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