Cogent Road Adds New Debt Free Wizard to Funding Suite’s Intelligent Credit Report

SAN DIEGO--(BUSINESS WIRE)--Cogent Road, a provider of Internet-based applications for the mortgage industry, announced the launch of a new debt elimination planning tool within Funding Suite’s Intelligent Credit Report. Funding Suite’s Intelligent Credit Report provides mortgage originators with a solution that interprets tradelines, detects data errors and predicts underwriting conditions for potential borrowers.

The Debt Free Wizard enables originators to create step-by-step debt reduction plans for potential applicants during the initial meeting with the applicant in order to provide more value and to position themselves as trusted counselors.

The tool automatically loads the applicant’s current credit card debt and allows for the manual addition of any other debt. Once the originator enters in the amount of money the applicant would like to commit to the plan each month, the Debt Free Wizard calculates the fastest way to repay the balances. The detailed action plan not only provides consumers with steps to follow in order to repay the debt in the shortest amount of time, it also strengthens consumers’ credit scores and helps them become more credit-conscious borrowers.

The Debt Free Wizard is designed to complement Funding Suite’s credit proofreading tools that can position the mortgage originator as a professional skilled in the analysis of mortgage credit reports. To further promote this expertise, the originator’s logo and contact information appear on every full-color debt elimination plan that is printed or e-mailed to the applicant.

“Consumers, especially those looking to purchase a home, can easily feel overwhelmed by the amount of debt they have due to credit cards, auto loans or student loans, and can greatly benefit from the assistance of a financial professional,” said William DiPaolo, managing partner of Cogent Road. ”The Debt Free Wizard arms mortgage originators with a tool that creates a roadmap for consumers to achieve financial independence – a process that enhances the applicant’s overall experience with the originator.”

About Cogent Road

San Diego-based Cogent Road provides enterprise-wide, Web-based software applications for the mortgage industry. Solutions such as Funding Suite® Credit Report Management, AVSpectrum® Automated Valuation Management and AVAIL Prequalifying Services Management are used by more than 30,000 mortgage originators and lenders nationwide. For more information about Cogent Road, visit www.cogentroad.com.