Cogent Road launches Recovery Strategy – NMP Skip to main content

Cogent Road launches Recovery Strategy

National Mortgage Professional
Mar 24, 2014

Cogent Road launches Recovery Strategy MortgagePress.comCogent Road, Recovery Strategy, loan officers, declined applicants, Funding Suite

Cogent Road, a provider of Internet-based applications for the mortgage industry, has announced the launch of Recovery Strategy, a system enabling loan officers to recover and qualify initially declined applicants to help maximize their borrowing power.

Cogent Road's Recovery Strategy is a new feature of the company's Funding Suite, a tool that uses an automated process to enable mortgage originators to evaluate borrowers' credit reports, and was developed to help originators avoid having to turn away viable loan applicants due to seemingly insufficient credit scores. Recovery Strategy transforms originators into credit counselors and creates added stickiness with loan applicants by guiding them to better credit health through coaching and education.

Upon initial review of a credit score, originators using the Recovery Strategy feature place each applicant in one of two categories, Immediate Recovery and the Long-Term Recovery. The Immediate Recovery process involves those applicants with mortgage scores that have been calculated incorrectly due to credit data errors or credit usage errors, which accounts for approximately 20 percent of all applicants.

By applying credit proofreading, Funding Suite's automated examination of credit file data, originators can instantly identify credit errors and move the applicant to a processor trained to resolve any issues immediately, which provides a new qualifying credit score within 48 to 72 hours. These recovered applicants are positively impacted by a level of professionalism from the originator, which can yield additional word-of-month business.

The Long-Term Recovery process involves enrolling the remaining declined applicants into Funding Suite's AVAIL mortgage pre-qualifying process, through which originators use automated software tools to coach and educate loan applicants to better credit health. The applicant receives ongoing guidance and is under the supervision of a qualified mortgage professional to answer any questions and provide additional support. The instant the applicant achieves qualifying status, the system notifies the originator so that the loan process can begin.

"Many originators turn future viable borrowers away once they have been declined for a loan. These borrowers can move to other originators or unscrupulous credit repair companies because they feel they have no other options," said William DiPaolo, managing partner of Cogent Road. "The Recovery Strategy feature enables originators to continue their relationship with declined applicants in order to transform them over time into viable borrowers with sound credit histories."

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Mar 24, 2014