Cogent Road launches AVAIL with select lendersMortgagePress.comCogent Road, AVAIL, credit scores, Funding Suite
Cogent Road, a provider of Internet-based applications for the
mortgage industry, announced that AVAIL, a fully-automated
educational program for potential borrowers to improve credit
health with the assistance of a broker, is currently in beta status
with select clients of Cogent Road's Funding Suite. AVAIL will be
available to all Funding Suite mortgage originators in the third
quarter of 2008 at no additional cost.
The consumer-focused program incorporates Funding Suite's
automated credit proofreading tools to identify and resolve
potential data errors that may work against customers' credit
scores. The program also provides customized, step-by-step credit
usage suggestions for consumers that improve their overall credit
health. Throughout the yearlong process, credit usage strategies
are modified based on the consumer's previous actions. AVAIL
detects when positive steps have been made and provides
encouragement when needed.
Consumers enroll in the AVAIL program through a professional
mortgage originator who then serves as the consumer's credit
coaching advisor. The AVAIL program is branded with the
originator's logo, photo, name and contact information to further
strengthen interaction with the mortgage originator. The advisor
can view the consumer's AVAIL account to provide guidance if
questions arise. The mortgage originator is also automatically
notified when a consumer achieves predefined credit scoring
targets.
"AVAIL helps us find a way to cultivate business in a
contracting market. We can further strengthen our relationships
with potential borrowers by creating better credit health without
significant additional effort by our lending agents," said Jon
Cordes, president of Irvine, Calif.-based Activus Home Loans. "The
AVAIL coaching system gives our would-be borrowers personalized
credit education and step-by-step guidance for improving their
credit health without any intervention on our side."
"We wanted to give mortgage originators a tool that could teach
their potential borrowers how to properly use credit in order to
strengthen their credit profiles," said William DiPaolo, managing
partner for Cogent Road. "To meet this goal, AVAIL had to be an
educational, effective and easy to use program for consumers and an
effortless feature for originators to deploy. One of the most
powerful benefits of the program is its ability to provide
automated notification to originators when consumers meet
qualifying standards."
For more information, visit www.cogentroad.com.
