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Chronos Solutions has agreed to acquire Cogent Road, a San Diego-based mortgage technology company. The acquisition will allow Chronos to expand its suite of products and services supporting mortgage lenders as well as add a deep bench of mortgage technology talent.
Cogent Road develops three core products for the mortgage origination market. The first, Funding Suite, is a credit and data purchasing platform designed for mortgage lenders. Funding Suite not only provides credit information but does so in a format that allows lenders to analyze ways to improve a borrower’s credit real time as well as tracks spend at the loan level. Tax Door is an automated tax transcript solution that allows users to order verified income data via Internal Revenue Service (IRS) tax transcripts without requiring signed 4506Ts. Tax Door has a 100 percent success rate, where the industry is used to one in the 15 percent range. The third, Roohmz, is one of the leading loan origination systems in the industry.
“Cogent Road offers an incredible array of superior origination technology,” Chronos Solutions CEO Matt Martin said. “The combination of these products with Chronos’ already-formidable suite of origination solutions empowers us to deliver end-to-end service to originators of any size.”
Cogent Road CEO William DiPaolo said, “Cogent Road prides itself on delivering flexible, robust technology designed to move the origination industry forward. In collaboration with Chronos’ wide variety of services and resources, we can deliver at elite levels virtually any service a mortgage lender might require."