Cogent Road launches AVAIL prequalifying service systemMortgagePress.comCogent Road, AVAIL, prequal, Funding Suite, credit management
Cogent Road, a provider of Internet-based applications for the
mortgage industry, has announced the launch of AVAIL, an automated
system enabling mortgage originators to provide continuing
mortgage-qualifying services to prospective borrowers.
An extension of Cogent Road's Funding Suite, a credit management
solution that manages costs and enhances customer retention during
the loan origination process, AVAIL enables loan originators to
more effectively establish and maintain contact with potential
borrowers to create top-of-mind awareness among consumers.
Many originators lose prospective borrowers during the
qualifying process, especially when it is drawn out over time.
Without the mortgage professional's guidance, prospective borrowers
mistakenly turn to questionable credit repair companies that
falsely claim to clean up credit reports.
The AVAIL educational program is an alternative course of action
for borrowers. Using AVAIL, originators can provide applicants with
guidance on how to change their spending behavior, such as paying
down high balances and using credit cards responsibly, in order to
become more credit-conscious consumers. AVAIL also manages client
information to automatically notify originators when educated
potential borrowers eventually achieve predefined credit score
The online platform borrowers use to access the AVAIL program is
branded with the originators logo, photo, name and contact
information to further strengthen interaction with the borrower.
"The AVAIL program enables us to educate borrowers on how to adopt
good credit behavior practices," said Alan Vogan, president and CEO
of Riverside, Calif.-based First Lending Solutions. "Once potential
borrowers have incorporated the information into their financial
lifestyle over a period of time, their credit scores naturally
reflect the improvement and they reduce the level of risk a lender
faces when offering them a loan."
"Mortgage originators have never had an effective way to provide
ongoing credit education to help first-time homebuyers and declined
applicants improve their credit health over time," said William
DiPaolo, managing partner of Cogent Road. "AVAIL enables mortgage
originators to more effectively maintain their relationships with a
large number of potential applicants as they learn better credit
behaviors. The program packages originators' expertise and
professional counsel into a prequalification product that positions
originators as a source of guidance when applicants have reached
the level where they are ready to apply for mortgages."
For more information, visit www.cogentroad.com.