A New E-Collaboration Player is Emerging

Best known for its Funding Suite credit and automated valuation model product, Cogent Road has opted to expand its offerings to enable lenders to go fully paperless with Business Spaces, an electronic collaboration document management system designed to first help lenders eliminate paper and then gradually move to a full electronic process.

Business Spaces automates work processes by delivering documents, tracking their states and notifying key workgroups of issues that may delay closing. The loan applicant enters a private, secure environment through which he or she can view, electronically sign or even digitize documents directly into the loan folder via fax, virtual printer or direct upload from their computer.

If the loan progresses, the Business Space evolves into a collaborative workspace enabling communication among both external and internal partners.

The process yields a highly interactive yet confidential business transaction, according to Cogent Road. "Going forward, other parties like a notary, title agent, etc., can be invited into the Business Space at the discretion of the lender to perform a certain task or even add more documents that are digitized and put into the proper stacking order," said William DiPaolo, managing partner of Cogent Road.

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