Cogent Road Introduces Client Insight

Cogent Road has added a new tool in its Funding Suite credit report management platform. Called Client Insight, the tool provides originators new reporting capabilities that Cogent Road says enable them to more thoroughly search and analyze financial data contained within previously purchased credit reports.

Described as a data mining and optimization tool, Client Insight aggregates the credit reporting data from an originator's previous loan applicants to provide a real-time understanding of the typical applicant credit profile in any area of their markets, Cogent Road says. Client Insight is included with every Funding Suite account and currently offers three reporting views.

The first report is designed to provide quick snapshots of the typical credit profile of an applicant in a state, city or ZIP code. For any geographic area, the client can see the average credit scores, as well as the average payments and balances for mortgages, auto loans, credit cards, collection accounts, etc.

The second report builds on the first one with the geographic and dateline filters but also enable an originator to view specific account names. This information can be used to create customized mailing lists to develop future marketing or referral campaigns for refinances, mortgages on second homes and other loan products. This is particularly beneficial for originators interested in regaining previous clients by sending them very targeted messages, the company adds.

The third report uses credit proofreading results to identify applicants who were declined because the originator was unaware the applicant's credit scores were calculated inaccurately. Originators using Funding Suite can enter a credit score range along with the desired score improvement number. Funding Suite returns a list of previous applicants, which credit proofreading results suggest could be improved by the number of points indicated and "recovered" back into the pipeline within 72 hours.

"We developed Client Insight because there is tremendous value hidden in the aggregated credit reporting data ordered for previous mortgage loan applicants but it is usually unused," says William DiPaolo, CEO of Cogent Road. "Every credit report purchased strengthens the client's market database."

SOURCE: Cogent Road


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