Cogent Road has introduced a unique enhancement to its Roohmz Mortgage (Enterprise) Management/Loan Production System that offers the only solution for effectively handling secure electronic mortgage applications for up to five borrowers. The Roohmz enhancement significantly improves e-signature functionality by expanding the number of potential co-borrowers able to participate in the same online transaction, which was previously limited to two applicants. It is expected to have a major impact on a lender’s capability to support a greater range of borrowers, many of whom need more than one additional applicant in order to qualify, because of the lending industry’s stricter financing guidelines and credit requirements.
“For the first time, lenders will be able to create secure and private electronic signing rooms for up to five co-borrowers (who can be in different locations); enabling them to upload the 1003 and other required documents, check their loan status in real time, review and e-sign docs, and interact with their loan officer,” said William DiPaolo, chief executive officer of Cogent Road. “We believe that this will open the doors for many more borrowers to qualify for a mortgage loan.”
Once they log into their private station, borrowers can view the loan file and all common documentation, ask questions, complete their application and then electronically sign in the appropriate places. Co-borrowers will check into a separate “roohm” to review their 1003 and the relevant documents. Access to confidential information such as individual credit reports will be restricted to the individual borrower. Lenders are able to distribute all documents, review multiple borrowers’ 1003s, request missing information and complete the transaction.
First introduced in 2010, Roohmz Mortgage Enterprise was the result of the company’s expertise in data packaging and analytics to provide a workflow management system that continually monitors loan data from application to origination. Roohmz ensures loans are underwritten accurately every time, significantly reducing the risk of loan buybacks. It keeps every loan in compliance with Regulation B, Regulation Z and the Real Estate Settlement Procedures Act (RESPA), and automatically delivers adverse notices when necessary. Roohmz provides workflow automation, paperless origination, complete with e-signing and automatic assembly of loan packages to investors.
