Mortgage Cadence Integrates American Land Title Association Data into Its Collaboration Center Platform
13 December 2019 - 1:59AM
Business Wire
Mortgage Cadence, an Accenture (NYSE: ACN) company, has
integrated data from the American Land Title Association (ALTA)
Title & Settlement Agent Registry (“the Registry”) into its
Collaboration Center solution. This new integration enables users
to immediately verify the identity of other individuals using the
platform, which automates processes and facilitates the exchange of
documents and information in the mortgage closing process.
ALTA launched the Registry in 2017 as the first national
database of real estate attorneys, title insurance agents and
settlement companies. In addition to contact information and branch
locations for settlement firms, agents, and title companies, each
Registry listing includes a title agent’s or real estate attorney’s
unique seven-digit ALTA ID, which enables lenders to quickly verify
the identity of the entity handling a transaction. With 8,000
confirmed records and more being added daily, the Registry is
becoming an important tool in fighting cybercrime.
“The national ALTA Registry is a unique real estate utility
created specifically for mortgage lenders and technology partners,”
said Diane Tomb, ALTA’s CEO. “We’re pleased to offer this tool as
an innovative product to Mortgage Cadence and its clients. The
emergence of the ALTA Registry as an effective and easy-to-use
source of data and information comes at the perfect time to help
counter the alarming increase in wire fraud.”
Efficient and secure connectivity is one of the highest
priorities for title agents and their customers. The Financial
Crimes Enforcement Network reports that attempted business email
compromise (BEC) threats have increased to more than US$300 million
per month from US$110 million per month in 2016. Further, the
number of BEC suspicious activity reports increased to 1,100 per
month last year, more than double the 500 reported per month, on
average, in 2016.
Using the unique ALTA ID from the ALTA Registry, Collaboration
Center immediately validates title agents during the account
creation process to help ensure that all users are verified,
ultimately adding vetting capabilities to increase the security of
the network.
“The addition of ALTA Registry data in Collaboration Center adds
another layer of defense against cybercrime and represents just one
of the many steps Mortgage Cadence uses within the product to
provide secure alternatives to email,” said Bryan Ireton, CEO and
managing director of Mortgage Cadence, Accenture.
Mortgage Cadence’s Collaboration Center reinvents the way
lending professionals and settlement-service firms interact. By
automating processes, such as document comparison and email search;
exchanging documents and data; and offering real-time messaging, it
helps lenders increase efficiency and profitability. Further, the
platform does not require massive data entry to deploy into
production processes.
About Mortgage Cadence
Since 1999, Mortgage Cadence has been providing the best people,
process, and technology for enterprise and mid-market lenders who
desire to deliver an exceptional borrower experience. From
point-of-sale through post-closing, Mortgage Cadence offers
reliable software and dedicated people, supporting lenders every
step of the way.
About ALTA
The American Land Title Association, founded in 1907, is a
national trade association representing more than 6,300 title
insurance companies, title and settlement agents, independent
abstracters, title searchers, and real estate attorneys. ALTA
members conduct title searches, examinations, closings, and issue
title insurance that protects real property owners and mortgage
lenders against losses from defects in titles.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191212005048/en/
Pamela Herrmann Mortgage Cadence +1 720 480 7655
pamela.a.herrmann@mortgagecadence.com
Accenture (NYSE:ACN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Accenture (NYSE:ACN)
Historical Stock Chart
From Apr 2023 to Apr 2024