San Diego-based Cogent Road, a provider of Internet-based
applications for the mortgage industry, announced it has signed 245 new
customers for its Funding Suite[R] credit-management system in the first
quarter of 2008.
Adding additional customers to its client base brings the total
number of mortgage companies using Cogent Road's Funding Suite to
4, 173, with 512 having used Funding Suite for more than four years.
Funding Suite enables mortgage originators to automatically
identify credit data errors and credit usage errors in order to
legitimately strengthen credit scores for potential borrowers, according
to William DiPaolo, managing partner for Cogent Road.
"As originators increase their scrutiny of borrowers'
credit histories, it is increasingly important to identify and resolve
the mistakes in these files that can make the difference in how much
borrowers pay for loans--or if they are approved at all," said
DiPaolo.
DiPaolo attributed much of the company's growth to the success
of Funding Suite's new Intelligent Credit Report, a dynamic display
of client credit data that provides faster, more accurate prequalifying
assessments than traditional paper-based credit reports during the
origination of mortgages.
The Intelligent Credit Report, launched in November 2007, provides
originators with unique tools such as interactive tradelines, automatic
detection of underwriting conditions and a wide array of free
credit-proofreading tools, explained DiPaolo.
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