Cogent Road, a provider of Internet-based applications for the mortgage industry, has added several modifications to Funding Suite v3.0, a database architecture underlying the credit report that provides new opportunities and products for brokers.
The latest addition to Funding Suite's credit proofreading tools is a new underwriting conditions scan (UC Scan). With a UC Scan, every credit file is scanned to detect the conditions and underwriting flags that may be indicated by Fannie Mae's Desktop Underwriter.
Included as a separate tab within the Intelligent Credit Report, all results are listed in easy-to-understand language that enables mortgage originators to more easily resolve conditions before the file is even processed through Fannie Mae, Cogent Road says.
Another significant enhancement is Funding Suite's new reason code display that describes exactly why a credit bureau is unable to score an applicant or fails to return a file for the applicant. Additional new tools include the ability to preserve existing scores when rescoring one or two bureaus.