Cogent Road, a provider of Internet-based applications for the mortgage industry, has launched a new debt-elimination planning tool within Funding Suite's Intelligent Credit Report. Funding Suite's Intelligent Credit Report provides mortgage originators with a solution that interprets tradelines, detects data errors and predicts underwriting conditions for potential borrowers.
The Debt Free Wizard enables originators to create step-by-step debt-reduction plans for potential applicants during the initial meeting with the applicant in order to provide more value and to position themselves as trusted counselors, the company says.
The tool automatically loads the applicant's current credit card debt and allows for the manual addition of any other debt. Once the originator enters in the amount of money the applicant would like to commit to the plan each month, the Debt Free Wizard calculates the fastest way to repay the balances.
The Debt Free Wizard is designed to complement Funding Suite's credit proofreading tools that can position the mortgage originator as a professional skilled in the analysis of mortgage credit reports. To further promote this expertise, the originator's logo and contact information appear on every full-color debt elimination plan that is printed or e-mailed to the applicant, Cogent Road adds.
Source: Cogent Road