Under pressure from a tight credit and regulatory environment, companies in the mortgage space have responded by leveraging technology to gain more ground. In some cases this has meant adapting current systems to accommodate new processes, and in others, it has meant creating entirely new mortgage technology products.
In this section we highlight products that are game-changers for companies working hard to adhere to regulations while still providing great service to their clients. The list features products ranging from new mobile platforms to a loan-level audit capability that will reshape the way audits are done for years to come.
By tackling the challenges head-on, these companies are setting themselves up for long-term success. The efficiencies they see today will continue to pay dividends in the future as they realize significant gains from a faster, more streamlined process.
Since Cogent Road entered the credit reporting industry in 2004, its strategy has been to provide clients with inventive technologies that create new ways to automate processes, save money and shorten processing times. And the increased costs and complexity of credit reporting that resulted from the financial crisis have only fueled Cogent Road to keep creating new solutions.
The company’s Funding Suite is a next-generation credit reporting agency that engineers its own software to give clients a competitive edge through automated credit analysis, purchase controls, cost accounting, business intelligence dashboards and robust data management.
Funding Suite software not only automatically analyzes credit reports (saving time and reducing human error), but also tracks costs by loan officer, branch and even average spend per applicant. Funding Suite is the first software to use real-time dashboards to track progress of all open orders in real time, eliminating the time wasted calling or e-mailing to check status.
“Credit reporting services make up a large percentage of a lender’s operational expense,” said William DiPaolo, co-founder and CEO of Cogent Road.
“When selecting a credit reporting agency, it’s important that you receive software with advanced capacity to analyze files, track costs and improve credit service ordering efficiencies.
“Funding Suite is the only software that can automatically detect short sales, consumer disputes and other troublesome comments. Additionally, it is the only platform with a real-time, interactive connection to its credit reporting services and support – eliminating the need for calling or emailing,” DiPaolo said.
The software also contains robust financial controls that can restrict access to certain products or assign financial responsibility to individual branches or loan offers.
Business intelligence and cost accounting dashboards present real-time cost analysis, while interactive maps show where in the country applications originate.
“Funding Suite is software designed to provide its users with technical edge through data analytics, resulting in operational efficiencies and lower costs,” DiPaolo said.
Most competitive credit reporting agencies focus on selling PDF credit reports purchased through the client’s LOS system. While Funding Suite credit can also be ordered through the LOS, the Funding Suite software platform provides technology benefits not available anywhere else.
For example, Funding Suite created the industry’s only Intelligent Credit Report, was the first to come up with detailed cost accounting reports, business intelligence dashboards, real-time status updates for all open orders, interactive maps of credit order locations and more.
Creating new solutions that make the operational challenges of purchasing and analyzing credit services easier, more efficient and at lower cost is part of Cogent Road’s DNA. DiPaolo and Alan Baia, the company’s founders, share an office and spend the majority of their workweek conceiving new software functionality and designing systems.
And the company’s senior engineering team is proficient in Agile Engineering in which continuous integration provides the means to incorporate new concepts into the architecture.
“Cogent Road’s software gets better every Tuesday at 12:01 AM, when beneficial new features and updates are rolled out to clients each week,” DiPaolo said. “Offering better software lowers the cost required to analyze credit, control costs, track real-time order status or gather business intelligence.
“Cogent Road’s core competence in software innovation means every Funding Suite client receives growing financial benefit because our software continually gets better,” he said.