In my last blog I talked about Cogent Road’s Business Spaces initiative. It is being billed as a way for parties to collaborate and eventually get to a full electronic mortgage. I wasn’t sure if the technology was fully baked in my last writing, but was very excited about the prospect of another “e” player entering the space. After looking at the system firsthand, here’s what I discovered:
As Cogent Road notes it is a new collaborative document management system. Business Spaces automates work processes by delivering documents, tracking their status and notifying key workgroups of issues that may delay closing. It’s a full electronic document management tool designed to digitize docs, promote e-collaboration and get lenders closer to a full e-mortgage.
However, as of right now it is a point-of-sale and workflow tool that does not extend to closing. The lender can do full e-disclosures and such as a step toward getting that lender comfortable with working in an “e” environment so as Cogent Road works with its partners, DocMagic and VirPak, the application can be expanded in 2009 to be a full e-closing platform.
“Going forward, other parties like a notary, title agent, etc. can be invited into the Business Space at the discretion of the lender to perform a certain task or to even add more documents that we will digitize and put in the right stacking order,” said William DiPaolo, managing partner of Cogent Road.
“The next step will be moving to the full e-note. We have a relationship with VirPak to help us get there. The lender has to take the first steps before they go to full e-notes. Business Spaces is the first step. Our strategy is to go slowly to first digitize the loan package and work with investors individually to get to e-notes.”
As I was brought through the application, I can tell you the look and feel was great. I felt like I was in a chat room with friends. There is actually a live chat feature to allow for direct communication built into the tool, as well. In the screenshot below you’ll see what I mean as both borrower and notary are seen collaborating in this one Business Space demo.“We feel the e-note is the best way to go for the lender and the borrower,” added Mr. DiPaolo. “We’ll be working in 2009 in piloting a true e-note strategy with an investor.”
I look forward to reporting on that news indeed. While Business Spaces isn’t a full e-mortgage platform today, it seems as if the roadmap is for it to be one next year. Best of luck. I’ll be watching their progress. You know what they say, variety is the spice of life.
