Cogent Road launches Business Spaces for mortgage industryMortgagePress.comCogent Road, Business Spaces, collaborative document management system
Cogent Road, a provider of Internet-based applications for the
mortgage industry, announced the launch of Business Spaces, the
company's new collaborative document management system.
In addition to a fully interactive, end-to-end e-mortgage
platform, Business Spaces automates work processes by delivering
documents, tracking their status and notifying key workgroups of
issues that may delay closing.
The moment a loan officer orders a credit report, a Business
Space is created and the applicant is notified via e-mail. The loan
applicant enters a private, secured environment through which he or
she can view, e-sign or upload documents directly into the Business
Space via computer, fax or an easy-to-use virtual printer. The
borrower can also communicate using micro-blogs and discussion
threads integrated in different areas within the Business Space.
With automatic audit logging, all borrower actions are effectively
tracked for compliance purposes.
If the loan progresses, the Business Space evolves into a true
collaborative workspace enabling communication among both external
and internal partners, with the loan officer able to invite such
third-party partners as title agents, notary agents, appraisers and
real estate agents into the Business Space. Parties may contribute
relevant documents and dialog to the Business Space, and while
communicating, photographs of all the parties involved are shown
for a virtual face-to-face business transaction. However, the loan
officer remains in total control of what the external partners can
actually view. The process yields a highly interactive yet
confidential business transaction.
In addition to increased efficiencies and elimination of
overnight shipping charges, an established Business Space enables
originators to strengthen their relationships by expanding their
brand using corporate logos and photo enhanced profiles of all
business partners assisting on the applicants loan. This feature
enables a more active and desirable customer service connection
between the applicant and loan originator.
Business Spaces also offers one-click order and delivery of
state-specific disclosures with full e-signature capability. Should
the loan applicant decline the e-signature option or fail to enter
the Business Space within a predetermined amount of time, bar coded
hardcopies are automatically delivered for ink signing. The signed
documents can be automatically uploaded via fax or mailed back to
the lender and scanned into the borrowers Business Space.
"In addition to efficient document management, we wanted
Business Spaces to eliminate document shipping charges by both
pushing documents outward as well as collecting them from external
sources," said William DiPaolo, managing partner of Cogent Road.
"And most importantly, we designed Business Spaces to foster
collaboration between the loan officer and all external business
partners connected to the loan. In this way, the potential issues
can be proactively addressed and the loan applicant receives the
highest level of service."
Business Spaces uses a software as a Service model, which means
clients can be up and running immediately because the only
technical requirement is an Internet connection. All software and
loan documents are secured in Cogent Road's data center, which
undergoes third-party security audits each year. The data center is
staffed 24/7, boasts biometric scanning, contains waterless fire
prevention systems, a 100 percent power uptime guaranty and
multiple redundancies.
For more information, visit www.cogentroad.com.
