TheMReport — News and strategies for the evolving mortgage marketplace.
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ON THE WEB Prime Alliance Bought by Mortgage Cadence SEEKING TO GROW THE COMPANY'S MARKET SHARE, COLORADO'S MORTGAGE CADENCE HAS ANNOUNCED A SIGNIFICANT ACQUISITION. announced the acquisition of Prime Alliance Solutions, Inc. The Denver-based provider Mortgage Cadence, LLC, has of services and technology for the financial services industry acquired Prime Alliance based on "a shared passion to automate the mortgage process through rules and tasking," the company said in a release. Mortgage Cadence looks at the acquisition as a chance to expand market share in the community and regional bank- ing arena while granting it the capability to support the top 10 banks and lending institutions. "After our very first conversa- CHANNELS, MORTGAGEBOT BOASTS GOOD NEWS FOR SMALLER LENDERS. Mortgagebot includes promising findings for community-based lenders hoping to increase their market share. The technology company's recent report shows that upticks in visibility and accessibility via online channels can help level the playing field for smaller lenders competing with the nation's big banks. Matt Cotter, Mortgagebot's SVP A new survey from of sales and marketing, spoke out on the services provided by the company's PowerSite platform, which Cotter believes can create the technological and web-based advantages sought by community lenders. "Community banks and our competitive edge by showing Realtor offices how easy it is to use the website. It places us at an even level with big lenders." She added: "We've stepped up Coester's New Name Complements New Service Offerings NOW KNOWN AS COESTERVMS, THE VALUATION MANAGEMENT COMPANY DEBUTS A MONIKER THAT DENOTES ITS FULL PORTFOLIO OF PRODUCTS. tions with Mortgage Cadence, it was clear we share the same vision for the future of the mort- gage lending industry," said Dan Green, previous EVP of Prime Alliance and new EVP of mar- keting for Mortgage Cadence. "I expect to quickly combine our already strong companies together and create one brand and extensive product suite that con- tinues to revolutionize the lending landscape by taking a manufactur- ing approach to the process and creating zero defect mortgages." Mortgage Cadence employs a credit unions are embracing it for competitive reasons: increas- ing name recognition, widening the client and member base, and creating more accessibility to their products. In growing online loan volume through a solution that offers affordable scalability, they capture an audience they otherwise would have difficulty marketing to," stated Cotter. Mortgagebot's study revealed financial services data model to provide enterprise lending solutions. Prime Alliance Solutions is a credit union service organization concen- trating on mortgage lending and is based in Edina, Minnesota. WEB AT WORK Mortgagebot's Research Reveals Advantages for Community Lenders INVESTIGATING THE BENEFITS OF STRONG ONLINE specific strategies that are enabling the company's clients to capitalize on market share, including generating better borrower-facing accessibility online, targeting new custom- ers through an online approach that is tailored to a particular demographic, and protecting the bottom line through the use of cost-effective "virtual branches." Additionally, Mortgagebot's analysis showed that saving time on loan processing and extend- ing efforts directed at borrower convenience can assist lenders in growing their productivity. Debra Edwards, president of pany's name with its expanded portfolio of valuation manage- ment services, Coester Appraisal Group has announced its new corporate title, CoesterVMS. In an official statement, Coester Seeking to align the com- noted the new company moniker will better represent its evolving selection of offerings. Coester recently rolled out products, Coester stated its pro- grams now include full-service management, Cloud Control, and the company's hybrid "self- serve" platform. "We're changing the way that an "assisted self-service" option. According to Coester, the new module will give the company's clients a combination of appraisal management support and ap- praiser panel management. Elaborating on its array of an application that marks an industry first, with the launch of the mortgage industry handles ap- praisals," said Brian Coester, CEO of CoesterVMS. "Lenders need ways to stay compliant without upsetting their ecosystems or their budgets. No one was addressing their needs, so we stepped up to the plate. Until the assisted self-serve option, no AMC would manage a lender's appraiser panel. Until Cloud Control, no appraisal management technology was configurable to the user level, and no appraisal technology was 100 percent free. These advances might upset our competition, but we're just giving lenders what they're asking for." HOME SWEET HOME BY RYAN SCHUETTE & CHUCK DAPRIX Mortgagebot client Paper City Savings Association, said of the options available through PowerSite, "Paper City Savings has noticed a definite increase in bor- rowers coming to us to refinance loans from other lenders. Certainly, the added business comes from our accessible online presence and easy application process." The views expressed by "Home Sweet Home" solely reflect the views of the cartoonist and not the views of MReport, the Five Star Institute, or any affiliates. THE M REPORT | 11