Tech Helps Lenders Up Volume

When volume was high and investor guidelines were loose, lenders didn't have to spend too much time with a borrower to get them into a loan product. Realizing that has changed, technology vendors like Cogent Road have sought to give lenders the tools to turn a not-so-good lead into a closed loan over time.

Specifically the company has updated AVAIL, an automated applicant recovery management system enabling mortgage originators to provide ongoing mortgage qualifying services to prospective borrowers. AVAIL, and extension of Cogent Road's Funding Suite, a credit management solution that manages costs and enhances customer retention during the loan origination process, offers loan originators the ability to maintain contact with their initially credit-declined applicants while they adopt new behaviors needed to achieve qualifying status.

"Using the AVAIL program has generated new business for our company as applicants with low credit scores are eventually converted into fully educated and viable borrowers," Chris Stuart, vice president of business development at Sacramento, California based Paramount Equity Mortgage. "The new dashboard continually updates us on the status of our applicants and automatically notifies us when these applicants have attained the appropriate credit scores."

Please visit the National Mortgage News website to read the rest of this article