E-Collaboration Vendors Stretch Out to Do More

Realizing that lenders need to both do more with less and cut cost, electronic collaboration technology vendors continue to flesh out their offerings to enable lenders to automate more and more.

"In this market you have to have the capability to digitize documents and store them virtually," said William DiPaolo, managing partner of Cogent Road. "Certainly we can do that. You can scan a document, digitize and store docs in a given stacking order.

"However, we have a slightly different approach. We believe you have to offer more than just digitizing. You have to automate workflow. The system should manage the document within the loan."

Realizing the need to automate compliance, Cogent Road recently added new compliance capabilities to its Business Spaces application that automatically ensures full conformity with the Equal Credit Opportunity Act's Regulation B and Truth in Lending Act's Regulation Z. Created to carefully monitor and track a loan's status, Business Spaces automatically delivers adverse action letters (either electronically using all federal electronic disclosure requirements or via first class mail) and creates an audit trail for compliance officers when loans are manually declined within the lender's LOS.

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