Beyond the Band-Aid Fix: How Mortgage Cadence Essentials Redefines LOS

HousingWire

With decades of mortgage industry experience, Cindy Borden knows the challenges lenders face with outdated technology. Now, as Mortgage Cadence unveils MCP Essentials, she explains how this next-generation platform delivers a fully integrated, modern loan origination experience. Learn how Mortgage Cadence Essentials sets itself apart from traditional systems, enhances compliance, and streamlines operations—all while ensuring lenders have a secure, single source of truth.

Transcript

00:00We are live from Las Vegas, I'm Diego Sanchez, President of HousingWire, and I'm joined today

00:12by Mortgage Cadence's Head of MCP Essentials Sales, say that three times fast, Cindy Borden.

00:21Thank you so much for joining me today, Cindy.

00:23Thank you for having me, Diego.

00:24So before we dive in, could you just introduce yourself and your role at Mortgage Cadence?

00:30Yeah, so I'm Cindy Borden, Head of MCP Essentials Sales, been with Mortgage Cadence since about

00:362012.

00:38And my role is to work with our prospective clients in delivering the MCP Essentials solution.

00:44And you've been in the industry for over three decades at this point, on the lender side

00:51and now in tech.

00:53So what has that experience given you in terms of your perspective on how you should go to

01:00market with this product?

01:02Yeah, you know, a lot of things have changed over 30 years.

01:05But I think one thing that has happened with that extensive experience, both in leadership

01:10roles at Wyoki Credit Union and also at Mortgage Cadence, is I have a deep understanding of

01:15the mortgage process, right?

01:17And also with that process comes the challenges that lenders face and the opportunities that

01:21they have to make a difference in someone's life.

01:25And so for me, I have a clear understanding of the process.

01:28And I have sat where those people have sat, I have faced the same opportunities and those

01:33same challenges, and especially when it comes to doing more, better and faster, right?

01:39And so in working with our current clients, I really have seen their need to have something

01:43that is more configurable and flexible in their loan origination system.

01:48So what is Essentials?

01:50It's a new platform that Mortgage Cadence has launched.

01:54What is it from your perspective?

01:55Well, I'm glad that you asked that, because to clarify something, it's not a new platform.

02:00It's a new offering on our existing MCP platform.

02:04So we launched MCP platform back in October 2021.

02:08And since that time, we have originated hundreds of thousands of compliant loans, right?

02:14But by extending that system, by enhancing it, really with MCP Essentials, what we aim

02:20to do is offer some unique advantages that our clients would have the opportunity to

02:25streamline their operations, to improve their efficiencies and achieve better outcomes,

02:29right?

02:30More, better, faster.

02:32And one of the ways that we do that is through our pre-configured workflow, but yet that

02:37even though it's pre-configured, we still maintain the flexibility and configuration

02:41that we feel is a differentiator in the mid market space.

02:44Let's talk more about differentiating.

02:46There are several other LOSs that have significant market share.

02:50How do you differentiate from those other LOSs that are on the market?

02:55Right.

02:56One of the things I think, for me, that is really outstanding is that MCP Essentials

03:00is one truly end-to-end solution.

03:03So it will be delivered with a modern point of sale, the LOS.

03:07It has an embedded doc preparation solution and a document management solution all in

03:12one database, right?

03:13There's no need for various vendors to help you get through that loan process.

03:19Yeah.

03:20Let's dive deeper on those differentiators.

03:22How else are you differentiating in this marketplace?

03:26We took our over 25 years in the mortgage technology business and worked to develop

03:30a best practices workflow while still maintaining that configurability and flexibility that

03:35our lenders need.

03:37And one of the examples of that is our UI designer.

03:39So with the UI designer, the lenders have the ability to create a page that is specific

03:45to their lender needs.

03:47MCP Essentials will be delivered with over 1,500 miscellaneous data fields they can use

03:53that's relevant to their business.

03:55And in addition, those fields can be mapped into the doc preparation solution without

03:59any sort of additional cost.

04:01So can they customize those over 1,000 different fields into their own sort of flow and application

04:11process?

04:12Yes.

04:13They can be creating those pages.

04:15It's not going to break the model.

04:16It's not going to have anything to do with changing the workflow that would cause issues

04:21with the next upgrade.

04:23And so they can take that information, curtail it to their specific needs, to maybe their

04:26niche products or data that they feel is relevant to their business, and still maintain

04:31the model.

04:33So I did some research about your platform.

04:37And one of the things that you talk a lot about as a company is trying to avoid this

04:42sort of Band-Aid approach and this patch approach.

04:46How do you do that in your product development process?

04:49I think one way that we have tried to avoid the Band-Aid approach with temporary fixes

04:53is that MCP Essentials has adopted an API-first response that allows seamless integrations

04:59with third-party providers, which is really important in the mortgage business.

05:03And so you have integrations with various points of sale systems.

05:07You have integrations with companies like Optimal Blue.

05:10And I believe that really allows our clients to have some sort of robust and modern solution

05:15to get their business accomplished.

05:17And I imagine it also helps because you want to provide your clients with sort of one single

05:24and reliable source of data and truth.

05:27So I imagine that API infrastructure gives you that ability.

05:30Right.

05:31I think that's really important.

05:32You want to make sure that you have the single source of data that's reliable and consistent,

05:36because it doesn't do any good to originate a loan if it's not compliant, right?

05:40And so I think the fact that we have the ability to have those integrations so that you have

05:44a single source of record, right?

05:46Also, we offer a point of sale.

05:48But if a lender wants to choose another point of sale, then we have the ability to integrate

05:52with that too, because that may be best for their business, and just bring all that.

05:57So I think the fact that we have the seamless approach to those integrations really will

06:04help our lenders be successful.

06:05Yeah, I'm hearing a lot of flexibility and customization.

06:11Those seem to be keys to this product that you've built.

06:15But in addition also to automation, you know, one of the things that we're looking at is

06:18routine tasks such as ordering a credit report or in a FLEDS under termination can be done

06:22automatically.

06:24And as long as the data that's returned meets certain criteria, then there's no intervention

06:27by the user, right?

06:29So that if an underwriter is reviewing a file, things that maybe they can focus on are the

06:34exceptions and not the routine checks.

06:36And we just believe that really leads to more efficiencies within their job role and managing

06:41their workflow.

06:42So you've been at Mortgage Cadence for over a decade now, but it seems like some new things

06:47are percolating over the past year.

06:50Isn't it an exciting time to be at Mortgage Cadence?

06:54You know, it is very exciting for me to see this come to fruition.

06:58You know, we feel that one of the great benefits of MCP Essentials is that it offers enterprise

07:04level capabilities without the additional costs and administrative requirements that

07:09some of those enterprise solutions are known for.

07:12We feel it can be revolutionary in the market.

07:14And for me to be able to be a part of that is inspiring and just truly exciting.

07:20What do you think comes next as we move through 2025 and hopefully an improving housing market

07:27and origination market?

07:30You know, I think the last few years, it's hard, you know, we would have never predicted

07:35what would have happened in 2020 with historically low rates during a pandemic.

07:40And I feel like with Essentials, it's going to be scalable.

07:43So whether we do see a drop in rates and lenders have the ability then to scale up, you know,

07:48if we can do more, better, faster with less people, that helps keep their costs down.

07:52We believe that MCP will be cost efficient, rolling out MCP Essentials and having a chance

07:58to help lenders close loans more efficiently, more productively with the configurability

08:04and flexibility that the system offers.

08:07I think that the potential is endless at this point.

08:10Yeah.

08:11And that's the key, right?

08:12We want to help lenders grow their revenue and grow origination without necessarily having

08:18the boom and bust in hiring.

08:20Right.

08:21And I think we've seen that over the years.

08:23You know, nobody wants to lay a team off, right?

08:25So if you can have your system fully maximized to its potential by using the automation,

08:31the AI capabilities that will be in the system, hopefully they will be able to grow their

08:37mortgage business as well.

08:38And that's good for all parties.

08:40That's a win-win.

08:41Well, Cindy, this has been a really interesting conversation.

08:45Thank you so much for joining me today.

08:46Thank you, Diego.

08:47I appreciate the opportunity.

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