Skip to main content

Financial institutions need to reach out and touch someone ... NOW

National Mortgage Professional
Oct 31, 2008

Cogent Road launches Recovery Strategy MortgagePress.comCogent Road, Recovery Strategy, loan officers, declined applicants, Funding Suite Cogent Road, a provider of Internet-based applications for the mortgage industry, has announced the launch of Recovery Strategy, a system enabling loan officers to recover and qualify initially declined applicants to help maximize their borrowing power. Cogent Road's Recovery Strategy is a new feature of the company's Funding Suite, a tool that uses an automated process to enable mortgage originators to evaluate borrowers' credit reports, and was developed to help originators avoid having to turn away viable loan applicants due to seemingly insufficient credit scores. Recovery Strategy transforms originators into credit counselors and creates added stickiness with loan applicants by guiding them to better credit health through coaching and education. Upon initial review of a credit score, originators using the Recovery Strategy feature place each applicant in one of two categories, Immediate Recovery and the Long-Term Recovery. The Immediate Recovery process involves those applicants with mortgage scores that have been calculated incorrectly due to credit data errors or credit usage errors, which accounts for approximately 20 percent of all applicants. By applying credit proofreading, Funding Suite's automated examination of credit file data, originators can instantly identify credit errors and move the applicant to a processor trained to resolve any issues immediately, which provides a new qualifying credit score within 48 to 72 hours. These recovered applicants are positively impacted by a level of professionalism from the originator, which can yield additional word-of-month business. The Long-Term Recovery process involves enrolling the remaining declined applicants into Funding Suite's AVAIL mortgage pre-qualifying process, through which originators use automated software tools to coach and educate loan applicants to better credit health. The applicant receives ongoing guidance and is under the supervision of a qualified mortgage professional to answer any questions and provide additional support. The instant the applicant achieves qualifying status, the system notifies the originator so that the loan process can begin. "Many originators turn future viable borrowers away once they have been declined for a loan. These borrowers can move to other originators or unscrupulous credit repair companies because they feel they have no other options," said William DiPaolo, managing partner of Cogent Road. "The Recovery Strategy feature enables originators to continue their relationship with declined applicants in order to transform them over time into viable borrowers with sound credit histories." For more informaiton, visit www.cogentroad.com.
Published
Oct 31, 2008
FormFree Enters Deal To Offer Products to Lenders One Members

Mortgage Cooperative Hopes Automated Borrower Verification Tools Will Enhance Customer Experience

Industry News
Aug 03, 2021
AHP Servicing Names Charles Halko Jr. CFO

Brings 30-Years Of Experience to Chicago-Based Servicer

Industry News
Aug 03, 2021
Ready Capital Announces Deal To Acquire Red Stone

Real Estate Finance Company Expands In Multi-Family Affordable Housing Sector

Industry News
Aug 03, 2021
Anchor Loans Hires Andrew Jewett As SVP, Enterprise Sales

Formerly lead lending at Sundae Inc.

Industry News
Aug 02, 2021
Pretium Adds 3 Execs With Residential Credit Expertise

New Hires Will Serve As Managing Directors

Industry News
Aug 02, 2021
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021