Skip to main content

Cogent Road adds Digital Document Delivery to Funding Suite

NationalMortgageProfessional.com
Aug 12, 2009

Cogent Road, a provider of Internet-based applications for the mortgage industry, announced it added Digital Document Delivery (D3) to Funding Suite, the company’s credit report management platform, in order to provide a system for managing the distribution and management of documents during the mortgage origination process. In order to replace inefficient faxing and e-mailing, D3 provides originators with four ways to deliver documents: PC upload, electronic faxing via a bar-coded fax cover sheet, virtual printing and scanning. Although these delivery methods are not new technologies, this is the first time they can be used by originators to submit borrower documents to credit reporting agencies. The credit review process is historically time intensive because it relies heavily on paper-based document exchange. Using Funding Suite’s D3 to digitize paper documents into electronic files speeds up processing time, adds additional accountability in the document delivery process, verifies that the credit agency receives the necessary documentation, increases the security surrounding sensitive consumer financial information, and increases efficiency due to the elimination of paper shuffling and the need for physical storage of files. On the back end, all documents submitted electronically via D3 are indexed into Funding Suite and the system matches documents with the appropriate order and routes them together to the specific credit processor working on the file. These documents stored in Funding Suite are also easily accessible if they need to be retrieved at a later date. “Using Cogent Road’s Digital Document Delivery increases our efficiency and gives us a cost-effective way to ‘go green,’” said Jim Redin, district sales manager at Sacramento, Calif.-based Paramount Equity Mortgage. “Paramount Equity has a company-wide initiative to use green technologies whenever possible. The company also offers residential solar financing solutions to make solar technology more accessible to homeowners.” “Digital Document Delivery was designed to streamline the paper-intensive credit verification process that can be frustrating for mortgage originators, processors and consumers,” said William DiPaolo, managing partner of Cogent Road. “Instead of originators wondering if their faxes were correctly sent or worrying that processors overlooked e-mail attachments, D3 gives originators more control during the credit verification process because necessary documents such as bankruptcy filings and summary judgments are electronically attached to the order automatically.” For more information, visit www.cogentroad.com.  
Published
Aug 12, 2009
CFPB: Some Mortgage Comparison Sites May Illegally Manipulate Results

Issues guidance warning that steering shoppers for kickbacks or fees is against the law.

Regulation and Compliance
Feb 07, 2023
MBA Seeks Meeting With FHFA Over New GSE Pricing Framework

Sends letter to agency director raising concerns about changes, including LLPAs based on debt-to income ratios.

Regulation and Compliance
Feb 07, 2023
Fed Slows Rate Hike Pace, OK’s 0.25% Bump

Rate hike is 8th since March 2022.

Regulation and Compliance
Feb 01, 2023
Report: Fannie, Freddie Note Sales Undercut Homeownership Goals

National Consumer Law Center report says sales to private investors strip borrowers of access to loss-mitigation options.

Regulation and Compliance
Jan 31, 2023
FHA Expands COVID-19 Recovery Loss-Mitigation Options

Updated and expanded options intended to help more borrowers avoid foreclosure.

Regulation and Compliance
Jan 31, 2023
The Fight Against Mortgage Fraud

Empower your borrowers with the correct resources for better compliance

Regulation and Compliance
Jan 30, 2023