In my July 9 post, I mentioned business was going well, keeping me
very busy and that I had several large projects underway. All were
occupying most of my time.
One of the big projects culminated yesterday with the announcement
that Mortgage Cadence has become part of Accenture. I can honestly say I
had very high hopes for this little company when we opened the doors 15 years
ago. I think I can speak for the founding Prime Alliance team when I say
they, too, had great aspirations for our shared idea: mortgage lending is a
manufacturing process, that it could be made more compliant, efficient and
cost-effective and that the financing experience could also be greatly improved
for the borrower. None of us, it's also safe to say, imagined our company
and these ideas would be recognized by a global consulting, technology services
and outsourcing organization the magnitude of Accenture.
What happens next? Plenty. I've joined Accenture as
Managing Director of Accenture Credit Services. I remain as intrigued by
the mortgage industry as I was at my first encounter. Certainly it has
changed and definitely it has become more complex, yet to a large extent, the
structural issues and the fundamentals are the same. We simply have to
make it adapt to today's possibilities. This is one of the opportunities
I look forward to.
My team - the entire Mortgage Cadence Team - joins Accenture and
will continue to provide our solutions to our customers and to all mortgage
lenders as part of Accenture Software Services. They are a committed group of driven
professionals. As a team their
accomplishments over the years have been remarkable. And, if you've been following us, you know we
have been growing rapidly since last summer. Demand has never been higher,
driven by all the new dynamics of this ever-changing business. We thought
business was brisk before. Now it accelerates. Greatly.
After reading this, you might be thinking it is business as usual,
albeit on a bigger stage. While there is some truth in it, another aspect
of this project is very exciting for us. Our technologies will also be
used to power Accenture Credit Services’ mortgage business process outsourcing
(BPO) capabilities. Outsourcing is one of Accenture's main businesses;
mortgage outsourcing is a relatively new focus. Mortgage Cadence's
technologies will shape the mortgage manufacturing process of the future,
exactly what we set out to accomplish in 1999!
I say the project culminated yesterday with the announcement,
though it's far from complete. We've come a very long way, and there's
further to go. Mortgage lending became efficient, once, before the bubble
burst. It's gotten inefficient again. Compliance, too, was easier
in the early 2000s but has now become one of the biggest concerns most lenders
have. And there is plenty of room for improvement in the financing
experience. The team and I, all now part of Accenture, have a great deal
of opportunity in front of us. The project continues, then, until closing
a mortgage is just as easy - and fast - as closing a car loan. I'd say we
have our work cut out for us.
