Cogent Road, a provider of Internet-based applications for the mortgage industry, has announced the latest enhancements to AVAIL, an automated applicant recovery management system enabling mortgage originators to provide ongoing mortgage-qualifying services to prospective borrowers.
AVAIL, an extension of Cogent Road’s Funding Suite, a credit management solution that manages costs and enhances customer retention during the loan origination process, offers loan originators the ability to efficiently maintain contact with their initially credit-declined applicants while they adopt the new behaviors needed to achieve qualifying status. AVAIL’s added functionality offers a new dashboard that reveals the current qualifying and recovery status of all applicants in real-time. Originators can use the new tool to quickly discern how well applicants are progressing, as well as which applicants have met or are close to reaching their target credit scores.
For initially credit-declined applicants, the steps required to eventually achieve qualifying status can take up to 12 months. AVAIL was designed to help originators stay in contact with these applicants, eventually enabling them to improve their own scores and bring them back into the pipeline when they reach defined qualifying benchmarks. Using AVAIL, originators can coach applicants to change their spending behavior, such as paying down high balances and using credit cards responsibly, in order to become more credit-conscious consumers. AVAIL also organizes and manages client information to automatically notify originators when educated potential borrowers eventually achieve predefined credit score targets.
“Using the AVAIL program has generated new business for our company as applicants with low credit scores are eventually converted into fully educated and viable borrowers,” said Chris Stuart, vice president of business development at Sacramento, Calif.-based Paramount Equity Mortgage. “The new dashboard continuously updates us on the status of our applicants and automatically notifies us when these applicants have met the necessary criteria and attained the appropriate credit scores.”
“The AVAIL program arms originators with an ability to not only educate prospective borrowers on how to adopt healthy credit behavior practices, but to keep more leads in-house without having to turn away what could eventually become viable business,” said William DiPaolo, chief executive officer of Cogent Road. ”Originators using AVAIL can efficiently generate a new source of qualified leads. As applicant’s adopt better credit behaviors, AVAIL lets them know when these applicant’s have reached the level required to re-apply for their mortgage.”
For more information, visit www.cogentroad.com.