New E-Collaboration Player Emerges

Best known for its Funding Suite credit and AVM product, Cogent Road is expanding its offerings to enable lenders to go fully paperless with Business Spaces, an e-collaboration document management system designed to first help lenders eliminate paper and gradually move to full electronic processes. Business Spaces automates work processes by delivering documents, tracking their status and notifying key workgroups of issues that may delay closing. The moment a loan officer orders a credit report, a Business Space is created and the applicant is notified via e-mail. The loan applicant enters a private, secured environment through which he or she can view, e-sign or upload documents directly into the Business Space via computer, fax or an easy-to-use virtual printer. Further, the borrower can also communicate using micro-blogs and discussion threads integrated in different areas within the Business Space. With automatic audit logging, all borrower actions are effectively tracked for compliance purposes. As the loan progresses, the Business Space evolves into a collaborative workspace enabling communication between the loan officer and title agents, notary agents, appraisers and real estate agents.