Cogent Road, a provider of Web-based mortgage technologies that facilitate communication between lenders and borrowers, has announced the launch of Roohmz Mortgage Enterprise, an Internet-based workflow management system that intelligently manages the progression of loan applications from origination to closing, enforces compliance and provides a robust communication platform.
Roohmz Mortgage Enterprise creates transparency in the loan origination process for both borrowers and lenders by continually monitoring application status, providing real-time updates and ensuring each step is completed in full compliance. Through Roohmz Mortgage Enterprise, each loan file is digitized and rules are applied to its path to closing, guaranteeing that each prerequisite is met before Roohmz moves the loan to the next status. Once the status is attained, Roohmz Mortgage Enterprise automatically delivers the loan file to the next employee in the workflow, and alerts the appropriate stakeholders that the step is complete.
Roohmz Mortgage Enterprise also ensures full conformity with Equal Credit Opportunity Act’s Regulation B, Truth in Lending Act’s Regulation Z and RESPA’s new GFE disclosure requirements. The system will automatically warn originators when files are about to fall out of compliance and be withdrawn. Roohmz Mortgage automatically delivers all adverse notices the moment a file is withdrawn or declined, either electronically or via first-class mail, and creates an audit trail for compliance officers.
“Roohmz Mortgage Enterprise acts as a train track for the lender’s specific mortgage origination process, ensuring origination happens as expected and within compliance timelines. The loan application is moved along this predetermined track, with checkpoints completed along the way, without depending on individuals and managers to make it happen,” said William DiPaolo, chief executive officer of Cogent Road. “Using this system empowers originators with the knowledge as to why loan workflow is suspended and how it can be corrected, and it also gives them enhanced communication tools to effectively explain any delays to the borrower in a way that they can understand.”
Along with intuitive workflow management and assured compliance, Roohmz Mortgage Enterprise offers loan applicants a personalized, collaborative online workspace called a “Roohm”. The Roohm serves to proactively guide consumers through the mortgage loan application process by showing how the application is progressing and upcoming required steps such as what documents are needed and which need to be signed. Within the Roohm, the applicant can e-sign documents, upload digital documents and collaborate with appropriate mortgage lender employees and third-party partners such as title agents, real estate agents, appraisers and notaries.
Lenders also have access to their version of the Roohm, where an expanded view provides a snapshot of their application pipeline, current statuses and pending steps. Within a file, the Roohm provides one-click ordering of state specific loan disclosures and closing documents and automatically organizes each one by name for underwriting and investor delivery purposes.
“One of the most common consumer complaints about the mortgage process is that they never know what they need to do next, the current status of their loan or if they are on track for completion,” said DiPaolo. “With Roohmz Mortgage Enterprise, the borrower is given a real-time view of their loan status and what steps are required to move it along. This, along with continuous communication with their lender, shortens origination times and increases loyalty with consumers.”
As with all Cogent Road technology solutions, Roohmz Mortgage Enterprise is available in a Software as a Service (Saas) model. All software and loan documents are secured in Cogent Road’s SAS 70 compliant data center that undergoes third-party security audits each year. The data center is staffed 24/7 and contains biometric scanning, a waterless fire prevention systems, a 100 percent power uptime guaranty and multiple redundancies.
For more information, visit www.cogentroad.com.