Cogent Road, a provider of Web-based mortgage technologies that facilitate communciation between lenders and borrowers, has launched Roohmz Mortgage Enterprise, an Internet-based workflow management system that the company says intelligently manages the progression of loan applications from origination to closing, enforces compliance and provides a robust communication platform.
Through the system, each loan file is digitized and rules are applied to its path to closing, guaranteeing that each prerequisite is met before Roohmz moves the loan to the next status, Cogent Road says. Once the status is attained, Roohmz automatically delivers the loan file to the next employee in the workflow, and alerts the appropriate stakeholders that the step is complete.
The system also ensures full conformity with Equal Credit Opportunity Act's Regulation B, Truth in Lending Act's Regulation Z and Real Estate Settlement Procedures Act's new good-faith estimate disclosure requirements. Roohmz will automatically warn originators when files are about to fall out of compliance and be withdrawn, deliver all adverse notices the moment a file is withdrawn or declined (either electronically or via first-class mail) and create an audit trail for compliance officers, the company adds.
Roohmz is available in a software-as-a-Service model, and all software and loan documents are secured in Cogent Road's SAS 70-compliant data center, which contains biometric scanning, a waterless fire prevention system, a 100% power uptime guaranty and multiple redundancies.
SOURCE: Cogent Road