Skip to main content

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

National Mortgage Professional
Oct 30, 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 30, 2008
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022
What Are The Biggest Deal-Breakers For Homebuyers?

The housing market is holding strong but that doesn't mean homebuyers don't have their fair share of deal-breakers when it comes to purchasing a home.

Analysis and Data
Jan 20, 2022
Popular Bank Names National Director Of Residential Lending

Popular Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

Industry News
Jan 20, 2022
Sagent Appoints Thompson As Chief Product Officer

Founder of fintech managment consulting firm Consigliera will lead and expand product development.

Industry News
Jan 20, 2022
Total Expert Appoints Gaydos As President

Former Talkdesk and SAP senior executive brings extensive cloud, go-to-market, sales, and operations experience.

Industry News
Jan 20, 2022