LA JOLLA, CA, May 09, 2013 (Press-News.org) Cogent Road, a provider of innovative cloud-based mortgage technologies, announced the upcoming version of its Roohmz Enterprise Loan Production System will seamlessly integrate with DocMagic's loan level compliance/audit engine.
The new integration incorporates DocMagic's efficient loan document preparation and sophisticated auditing directly into the Roohmz workflow management engine. Each audit will come preloaded in Roohmz as an individual "event" that can be dropped directly into any loan production workflow. A single click runs an audit and stores the results. Business rules define how the workflow branches based on the results.
Once the loan is in process, there is a consistent level of auditing throughout the entire production cycle. The initial series of specific DocMagic auditing functions are embedded in Roohmz so that users can "drag and drop" and initiate such "intra-loan" compliance events as:
* Federal and state-specific high cost tests, plus Fannie Mae and Freddie Mac points and fees tests
* Federal and state-specific HPML audits
* TILA/MDIA audits
* RESPA audits
* State-specific audits, ranging from prepayment penalty audits to points and fees audits.
Using Roohmz, loan production workflow can select the individual audits based on loan type, state and local requirements, and other considerations. In addition, if the initial results indicate corrective action is necessary, they have the option of stopping the loan transaction/auditing in order to make the appropriate adjustments.
The audits run consistently on every loan to ensure high quality production that is always in compliance with all appropriate regulations and disclosure requirements.
"This solution-based integration between two committed technology partners--rather than the generic integrations that are often provided--has enabled us to create an innovative compliance solution that was not previously available to the lending industry," said William DiPaolo, CEO of Cogent Road. "DocMagic is a terrific partner, and I believe this is just the beginning of what our two firms can create together."
"This offers great synergy, with a strong link between the core workflow process and the crucial auditing function," added Dominic Iannitti, CEO of DocMagic. "For the first time, users can deploy the intra-loan audits they desire on each and every loan. New features now being developed for the audit engine will further expand the benefits of this collaborative integration."
First introduced in 2010, Roohmz Mortgage Enterprise won the mortgage industry's Software of the Year designation. It evolved out of Cogent Road's expertise in data packaging and analytics, ultimately creating a loan production system that continually monitors loan data from application to origination. Roohmz ensures loans are underwritten accurately every time, significantly reducing the risk of loan buybacks. It keeps every loan in compliance with Reg B, Reg Z and RESPA, and automatically delivers adverse notices when necessary. Roohmz provides workflow automation, paperless origination, complete with e-signing and automatic assembly of loan packages to investors.
For more information about Roohmz Enterprise, visit www.cogentroad.com
About DocMagic
DocMagic, Inc. is a leading provider of fully-compliant loan document preparation, compliance and eDelivery solutions for the mortgage industry. Founded in 1988 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, processes and web-based systems for the production and delivery of compliant loan document packages. DocMagic guarantees and warrants that all agency forms are up to date and in compliance with GSE requirements. The company's compliance experts and in-house legal staff constantly monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit www.docmagic.com.
San Diego-based Cogent Road provides enterprise-wide cloud applications for the mortgage industry. Solutions such as Funding Suite Credit Report Management, GRAVITY CRM/Lead Management and Roohmz Mortgage Loan Production System are used by more than 14,000 mortgage originators and lenders nationwide. For more information about Cogent Road, visit www.cogentroad.com.
Cogent Road's Strengthens its Integration with DocMagic to Include Loan Level Auditing
Cogent Road's upcoming version of its Roohmz Mortgage Loan Production system will integrate DocMagic's audit and compliance engine directly into loan production workflows. As loans are processed, audits will run consistently throughout production.
2013-05-09
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[Press-News.org] Cogent Road's Strengthens its Integration with DocMagic to Include Loan Level AuditingCogent Road's upcoming version of its Roohmz Mortgage Loan Production system will integrate DocMagic's audit and compliance engine directly into loan production workflows. As loans are processed, audits will run consistently throughout production.