Cogent Road, a provider of Internet-based applications, has made several enhancements to AVAIL, the company's automated applicant recovery management system that enables originators to provide ongoing mortgage-qualifying services to prospective borrowers.
AVAIL, an extension of Cogent Road's Funding Suite, helps originators maintain contact with their initially credit-declined applicants while they adopt the new behaviors needed to achieve qualifying status, the company adds.
The system's added functionality offers a new dashboard that reveals the current qualifying and recovery status of all applicants in real time. Originators can use the new tool to discern how well applicants are progressing, as well as which applicants have met or are close to reaching their target credit scores, Cogent Road says.
"The new dashboard continuously updates us on the status of our applicants and automatically notifies us when these applicants have met the necessary criteria and attained the appropriate credit scores," says Chris Stuart, vice president of business development at Sacramento, Calif.-based Paramount Equity Mortgage.
For initially credit-declined applicants, the steps required to eventually achieve qualifying status can take up to 12 months. Using AVAIL, originators can coach applicants to change their spending behavior. AVAIL also organizes and manages client information to automatically notify originators when educated potential borrowers eventually achieve predefined credit score targets.
SOURCE: Cogent Road