American Banker (05/16/08) P. 9; Berry, Kate
A number of mortgage brokers, mortgage bankers and loan officers using Cogent Road's credit report ordering and analysis software program are testing the San Diego-based company's new Avail program. Avail looks at a prospective borrower's credit scores from the three credit bureaus and details actions they can take to boost their scores. According to Cogent Road President Alan Baia, "What we see now is the consumer feels lost and fearful because they don't understand their [credit score] number. This is a tool for the mortgage broker or loan officer to educate the homebuyer and close more loans and get repeat business in the process." The program reminds borrowers by e-mail over a 90-day period to carry out the recommended actions, and it alerts lenders when the target credit score has been achieved. Additionally, it automatically produces letters that can be sent by lenders to the credit bureaus to repair errors on the borrower's report.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment