Cogent Road has introduced a unique enhancement to its Roohmz Mortgage (Enterprise) Management/Loan Production System—designed to automatically assemble loan documents in the correct stacking order to meet investors’ specific requirements. The Roohmz Document, Shipping and Insuring Module will help eliminate serious problems that lenders have faced when preparing loan files—incorrectly organized documents that result in delays and other problems. They previously have had to print and organize documents manually, a time intensive process. In addition, if investors subsequently receive the loan file with incorrect documents or in the wrong order, they have to make the correction.
Using the new Roohmz Module, an underwriter or other user only needs to make one keystroke to be certain that all the appropriate documents are included in the correct order according to investors’ predetermined requirements. The system automatically adjusts to meet any additional requirements for individual loan types or state agency program guidelines. The Roohmz enhancement also helps eliminate the common problem of over and under documentation that occurs when loan officers and underwriters are uncertain about the amount of documents to be included in a closing file.
The finished loan package can be ready for submittal within minutes, compared to a much longer period when done manually. It can be transmitted to investors electronically in a PDF format or printed and shipped via FedEx.
“For the first time, lenders and investors can be assured that all documents will be arranged in the same correct order every time regardless of loan type or state,” said Armando Roman, director of professional services at Cogent Road. “We believe that this will provide a major time savings and improved efficiency in the overall loan process and ultimately help ensure that lenders receive a higher closing package ‘grade’ from their investors.”
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.