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.