Home Agent CMS Seeks To Set ‘Gold Standard’ In Mortgage Origination Technology

CMS Seeks To Set ‘Gold Standard’ In Mortgage Origination Technology

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With backing from Canadian software giant Constellation Real Estate Group, Constellation Mortgage Solutions will debut its new NOVA loan origination solution at the MBA annual conference.

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Six months after rebranding as Constellation Mortgage Solutions (CMS), the tech provider formerly known as Mortgage Builder is making a push to be seen as the “gold standard in mortgage origination tech” with the launch of a new loan origination solution.

Southfield, Michigan-based CMS will debut its new NOVA loan origination solution next month at the Mortgage Bankers Association’s annual conference, where it’s a silver-level sponsor.

NOVA builds on Mortgage Builder’s 25 years of experience, combining “a trusted end-to-end enterprise solution with a cloud-based platform and a dynamic UI [user interface] experience,” the company announced Wednesday.

Stephen Ryczek

“It’s not often that the mortgage industry makes great strides forward in technology, but with NOVA, we have developed a platform that changes the industry from a sales, operations, and executive perspective,” CMS President Stephen Ryczek said, in a statement.

Although mortgage tech is a crowded field, CMS has a Canadian-based backer that’s a major player in real estate software.

Mortgage Builder was acquired in 2019 by Constellation Real Estate Group (CREG), the Toronto-based owner of a portfolio of brands including Market Leader, TopProducer, Real Estate Digital (RED), Smartzip and Constellation1, which in April signed a deal with Redfin to power home search and other listing services in the company’s new markets.

CREG is in turn a division of Constellation Software Inc., a company traded on the Toronto Stock Exchange with a market capitalization of $29.5 billion ($40.2 billion Canadian).

Mortgage Builder rebranded as Constellation Mortgage Solutions in April, as “we are proud of our affiliation with Constellation Software and feel the time has come to move towards the Constellation brand family,” Ryczek blogged at the time.

Not only does CMS have a backer with deep pockets and real estate expertise, but its goal of providing an end-to-end enterprise solution could help it compete with larger players.

A major driver of Intercontinental Exchange Inc.’s plan to acquire mortgage software, data and analytics giant Black Knight, is to create a “life of loan” mortgage platform integrating home search, lead generation, loan application, underwriting, closing and servicing.

CMS touts its current loan origination system Mortgage Builder LOS as a “highly configurable, cloud-hosted enterprise residential loan origination solution designed to be managed by mortgage operations, not developers or IT.”

CMS also offers a loan servicing system, Mortgage Builder LSS, to handle payment processing, escrow management and default management.

In February, CMS acquired ReverseVision Inc., a provider of Home Equity Conversion Mortgage (HECM) and private reverse mortgage sales origination software.

That allows CMS to claim it’s the only company in the mortgage industry to offer loan origination software for all types of home loans including reverse mortgages.

Kelli Himebaugh

“Introducing NOVA to the industry combines our expertise in loan origination with creative thought that includes our client’s input to bring a product unlike any other on the market,” CMS Chief Revenue Officer Kelli Himebaugh said, in a statement. “When you look at this new LOS in combination with CMS’ excellent record of 120 days for implementation, we are setting the gold standard in mortgage origination tech.”

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