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.