DENVER Accenture, formerly known as Anderson Consulting, yesterday said it has agreed to acquire Mortgage Cadence one year after Mortgage Cadence acquired Prime Alliance, provider of mortgage services for more than 1,900 credit unions.
Prime Alliance was a highly successful mortgage CUSO created by BECU. Financial terms were not disclosed. Mortgage Cadence employs 190 people nationwide.
As part of the deal, expected to close in about a month, Mortgage Cadence will become part of Accenture and its software will be incorporated into a business unit that provides consulting, technology and outsourcing services to financial institutions.
Privately held Mortgage Cadence provides loan origination software solutions for large and mid-sized residential mortgage lenders, most of them credit unions. Its software supports mortgage origination, processing, underwriting, closing and other services.
“Traditional loan origination technologies have become too complex and cumbersome to meet today’s market demands,” Michael Detwiler, CEO of Mortgage Cadence, said in a statement. “Because our software is rules-based and highly configurable, it can help lenders accelerate new product introductions, more easily adapt to changing regulatory requirements, and reduce overall cost structures.”
Accenture Credit Services will use Mortgage Cadence technology to process mortgages on behalf of outsourcing clients. The technology also will be offered to lenders through Accenture Software as part of its banking-software portfolio.
