First Lending Solutions Taps Cogent Road’s Reporting Management Services

As featured in the MBA TECH NewsLink

April 15, 2008

WHO:

• First Lending Solutions, Riverside , Calif. , a local mortgage brokerage with $168 million in annual mortgage originations
• Cogent Road , San Diego , a developer of Internet-based applications for the mortgage industry.

CHALLENGE:

When First Lending Solutions was founded in 2005, it needed a credit management system that could help expedite the loan approval process and provide foresight to know what impact a change in the credit file would have on a borrower’s credit score.

SOLUTION:

Cogent Road ’s Funding Suite’s Intelligent Credit Report provides First Lending Solutions with the ability to detect errors via its X-Ray technology, verify them and correct them on the credit report. Additionally, First Lending Solutions may uncover patterns of credit usage that can be corrected using Funding Suite’s rescoring plans.

“An error we might uncover could be as simple as paying a credit card down $20 to raise someone’s credit score by 30 points, which could make the difference in qualifying or not qualifying for a loan,” Vogan said. “Funding Suite’s Intelligent Credit Report makes it easy to spot errors. On a regular paper credit file, it is very easy to overlook a derogatory tradeline. The Intelligent Credit Report highlights errors in yellow so you can’t miss it. This has increased our overall efficiency.”

To read the entire article, please visit the Mortgage Banking Association Website.