Cogent Road, a provider of Internet-based applications for the mortgage industry, announced it is offering an enhanced tool in its Funding Suite credit report management platform, called Client Insight, which provides originators new reporting capabilities that enable them to more thoroughly search, analyze and gain value from the financial data contained within previously purchased credit reports.
Client Insight is a data mining and optimization tool that aggregates all the credit reporting data from an originator’s previous loan applicants to provide a real-time understanding of the typical applicant credit profile in any area of their market. Client Insight is included with every Funding Suite account and currently offers three reporting views.
The first report is designed to provide quick snapshots of the typical credit profile of an applicant in a state, city or zip code. For any geographic area, the client can see the average credit scores, as well as the average payments and balances for mortgages, auto loans, credit cards, collection accounts, etc. These immediate profile snapshots provide the transparency needed to help originators better optimize future marketing strategies. A date range can be used to determine whether or not a client base is trending one way or another or whether an originator is successfully moving into his/her desired market segment, such as away from sub-prime.
The second report builds on the first one with the geographic and dateline filters but creates a deeper snapshot with the ability for an originator to view specific account names. This information can be used to create customized mailing lists to develop future marketing or referral campaigns for refinances, mortgages on second homes and other loan products. This is particularly beneficial for originators interested in regaining previous clients by sending them very targeted messages.
The third report uses credit proofreading results to quickly identify applicants who were declined because the originator was unaware the applicant’s credit scores were calculated inaccurately. Originators using Funding Suite can enter a credit score range along with the desired score improvement number. Funding Suite immediately returns a list of previous applicants, which credit proofreading results suggest could be improved by the number of points indicated and “recovered” back into the pipeline within 72 hours. These “recovered” applicants are positively impacted by a level of professionalism from the originator, which can yield additional word-of-month business.
“We developed Client Insight because there is tremendous value hidden in the aggregated credit reporting data ordered for previous mortgage loan applicants but it is usually unused. Client Insight optimizes the data, which can then be analyzed, reported and viewed. Originators using Funding Suite can now gain critical market intelligence from the aggregated data in all their previous credit reports,” said William DiPaolo, chief executive officer of Cogent Road. “Every credit report purchased strengthens the client’s market database. Client Insight can improve marketing results, increase the numbers of new customers, help make it easier to reach out to them later and engage them as a repeat customer.”
For more information, visit www.cogentroad.com.
