SAN DIEGO, CA, March 29, 2012 (Press-News.org) Cogent Road, a provider of innovative cloud-based mortgage technologies, has introduced a unique enhancement to its Roohmz Mortgage (Enterprise) Management/Loan Production System that offers the only solution for effectively handling secure electronic mortgage applications for up to five borrowers.
The Roohmz enhancement significantly improves e-signature functionality by expanding the number of potential co-borrowers able to participate in the same online transaction, which was previously limited to two applicants. It is expected to have a major impact on a lender's capability to support a greater range of borrowers, many of whom need more than one additional applicant in order to qualify, because of the lending industry's stricter financing guidelines and credit requirements.
"For the first time, lenders will be able to create secure and private electronic signing rooms for up to five co-borrowers (who can be in different locations); enabling them to upload the 1003 and other required documents, check their loan status in real time, review and e-sign docs, and interact with their loan officer," said William DiPaolo, CEO of Cogent Road. "We believe that this will open the doors for many more borrowers to qualify for a mortgage loan."
Once they log into their private station, borrowers can view the loan file and all common documentation, ask questions, complete their application and then electronically sign in the appropriate places. Co-borrowers will check into a separate "roohm" to review their 1003 and the relevant documents. Access to confidential information such as individual credit reports will be restricted to the individual borrower. Lenders are able to distribute all documents, review multiple borrowers' 1003s, request missing information and complete the transaction.
First introduced in 2010, Roohmz Mortgage Enterprise was the result of the company's expertise in data packaging and analytics to provide a workflow management 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 Mortgage Enterprise, visit www.cogentroad.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 Roohmz Solution to Support up to Five Different Borrowers for Electronic Signing and Delivery of Mortgage Loan Documents
With mortgage loan underwriting requirements getting stricter, loan applications frequently contain more than the traditional two borrowers. Roohmz now supports up to five different borrowers with e-signing and document delivery solutions.
2012-03-29
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[Press-News.org] Cogent Road's Roohmz Solution to Support up to Five Different Borrowers for Electronic Signing and Delivery of Mortgage Loan DocumentsWith mortgage loan underwriting requirements getting stricter, loan applications frequently contain more than the traditional two borrowers. Roohmz now supports up to five different borrowers with e-signing and document delivery solutions.