Intelligent Credit Report and Innovative Pricing Tools Signify the Evolution of Mortgage Credit Evaluation for Originators

November 5, 2007

SAN DIEGO -- Cogent Road, a provider of Internet-based applications for the mortgage industry, has launched Funding Suite v.3.0, a significantly redesigned database architecture underlying the credit report that allows tremendous new opportunities and products for brokers. All of the new products and services included with Funding Suite help brokers to attract and close more borrowers while lowering costs.

Included in Funding Suite are the following features: Intelligent Credit Report with X-Ray technology, dynamic reimbursement, PaySaver loan officer billing option, automatic discounting and universal credit file reissuing.

The Intelligent Credit Report is the industry's first dynamic display of client credit data allowing faster, more accurate prequalifying assessment. In Funding Suite v.3.0, all tradelines provide an interpretation of the payment history in easy to understand language, making even the most complex tradelines more easily understood. X-Ray technology conducts a deep analysis of the underlying credit data used to calculate the credit score to identify potential errors that may be harming the score along with the points gained by fixing those errors.

To maximize the broker's reimbursement for credit related products and services, Funding Suite's Dynamic Invoice tracks every dollar spent on the applicant. If the broker desires reimbursement at the closing table, he or she simply selects any or all of the products and services purchased for the applicant from a generated list. The tool then totals the costs and creates an invoice that can be submitted to the closing agent. Should the broker desire immediate reimbursement, the selected items can be processed via the applicant's credit card. Either way, the tool maximizes the broker's ability to recapture costs either at the loan closing or anytime via the applicant's credit card.

PaySaver gives a mortgage brokerage complete freedom from the financial liability of any costs incurred by designated loan officers or affiliated agents. By simply designating a particular Funding Suite user as PaySaver, all charges will be billed to the PaySaver's credit card. The PaySaver user has complete control over the credit card or cards used as well as the frequency of billing. To lower costs for all parties, the purchase volume of every user is accredited to the account as a whole. Even though the PaySaver users are paying for their own purchases, their cumulative volume still counts toward better discounts in the price tiering. There is no cost to set up these separate loan officer PaySaver accounts.

Built into Funding Suite is a series of pricing tiers that allow the broker to receive automatic discounts as their business grows, ensuring that as purchase volume increases, their purchase price decreases. This is extremely helpful for net branch organizations where every user can be added to the system, giving the entire organization a discount for the volume of all users. With Funding Suite's PaySaver option, each user can be financially responsible for his or her own bill, yet still participate in the automatic tiered pricing. At any time, the broker can see where the next discount level begins. With Funding Suite, pricing discounts begin with as a few as 50 credit reports a month.

A single credit report purchased through Funding Suite can be universally reissued through its single, common file number to Freddie Mac, Fannie Mae or any lender's proprietary underwriting engine. The file number is used as the reissue number, eliminating the need for brokers to remember separate Fannie Mae or Freddie Mac numbers. Funding Suite is the first credit management software that enables automatic reissuing of any credit file through the use of one file number to Fannie Mae, Freddie Mac and lenders.

"As the industry continues to consolidate, brokers need effective solutions that help them attract more business while lowering costs," said Alan Baia, managing partner for Cogent Road. "Most credit reporting agencies provide credit reports as flat files, making it impossible to analyze the data that makes up the report. Our approach is different. Funding Suite's Intelligent Credit Report supports our strategy of using credit data analysis in ways that help our clients close more of their applicants while significantly increasing their referral business. Whether it's uncovering hidden errors in credit files, automatically interpreting complex tradelines or generating 72 hour rescoring plans, we believe these tools make a Funding Suite user more competitive."