Funding Suite Offers 100% FACT Act Compliance Solution
Cogent Road, Inc., today announced that its Funding Suite software application for mortgage originators now includes a fully automated FACT Act Compliance and Auditing solution. Mortgage originators using the solution will achieve 100% compliance without doing anything at all.
San Diego, CA (PRWEB) January 29, 2005 -- In early December, 2004 the Fair and Accurate Credit Transactions (FACT) Act went into effect nationwide to better protect the rights of individuals when applying for mortgages or other lines of credit. While the FACT Act encompasses broad process changes for a variety of business entities, one new requirement is the prompt and accurate disclosure of credit scores to all mortgage applicants, including the four primary factors contributing to the score.
The New FACT Act produced significant new compliance challenges for most of our clients", commented Alan Baia, Cogent Roads president and CEO. While mailing a score disclosure may at first appear a simple process, there is a host of surrounding details that makes compliance auditing extremely burdensome."
A FACT Act compliant score disclosure must contain a variety of details unique to each credit report such as the specific credit bureaus accessed, the company that accessed them, the credit scores provided by the bureaus and the four primary factors contributing to the credit score. Further, the disclosure must be delivered to the prospective borrower within three to five days of accessing the applicants credit file. Once the disclosure is mailed, the company must then document the date the credit was accessed and the date the letter was delivered or mailed to ensure FACT Act compliance.
Anticipating the compliance burden for its clients, Cogent Road developed a solution that provides its clients with 100% compliance on all FACT Act regulations. Further, a complete audit trail for every credit transaction is available through a special compliance module within the Funding Suite application. The entire solution happens in the background", Baia stated. Our clients simply do business as usual and 100% compliance happens automatically. The client literally does nothing."
We have more than 100 branches throughout the country", said Mark Collins, President and CEO of Americas Mortgage Broker, and its imperative that every one of my brokers remains in compliance with the new FACT Act laws. From the day we instituted Funding Suites automated solution every broker was in compliance without a single act on their part. Not only are the disclosure letters delivered via first class mail the day after each credit pull, I also have a complete audit trail covering the entire organization".
Cogent Road charges its Funding Suite clients one dollar per individual to create, print, mail and record the FACT Act disclosure transaction, which is added to the price of its credit reports. It then provides the auditing software and all data backups at no cost. Why doesnt Cogent Road charge for its compliance software? Baia answers the question this way. We obviously had to make a significant investment in our software and service methodology to deliver automated FACT Act compliance. If you add up the transactional costs of a first class stamp, paper, printing, mailing, data transfer and backup you can quickly deduce its not a giant money maker. Yet, we had the data necessary to address the new compliance issues more effectively than our clients. Making the investment was a unique way to proactively support and serve our customers.
About Cogent Road
Headquarted in San Diego, CA, Cogent Road offers e-business solutions for the mortgage banking industry. The Company currently develops, sells and supports two enterprise software platforms. Funding Suite is an integrated e-settlement platform used daily by more than one thousand mortgage originators across the country. AVSpectrum, Cogent Road's latest software product, facilitates AVM (automated valuation model) procurement and cost accounting with seamless integration of AVMs into the automated underwriting processes of mid to large size lenders.
For more on Cogent Road, please visit www.cogentroad.com.
For more on Funding Suite, please visit www.fundingsuite.com.
###
Bookmark -
Del.icio.us |
Furl It |
Technorati |
Ask |
MyWeb |
Propeller |
Live Bookmarks |
Newsvine |
TailRank |
Reddit |
Slashdot |
Digg |
Stumbleupon |
Google Bookmarks |
Sphere |
Blink It |
Spurl
|
