Cogent Road, a provider of Internet-based applications for the mortgage industry, has launched Recovery Strategy, a system designed to enable loan officers to recover and qualify initially declined applicants to help maximize their borrowing power.
Cogent Road's Recovery Strategy is a new feature of the company's Funding Suite, a tool that uses an automated process to enable mortgage originators to evaluate borrowers' credit reports. The tool was developed to help originators avoid having to turn away viable loan applicants due to seemingly insufficient credit scores.
Recovery Strategy transforms originators into credit counselors and creates added stickiness with loan applicants by guiding them to better credit health through coaching and education, the company explains.
Source: Cogent Road