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Sun, 03/31/2013

Cogent Road, a provider of cloud-based mortgage technologies, has announced the upcoming version of its Roohmz Enterprise Loan Production System will seamlessly integrate with DocMagic’s loan level compliance/audit engine. The new integration incorporates DocMagic’s efficient loan document preparation and sophisticated auditing directly into the Roohmz workflow management engine. Each audit will come preloaded in Roohmz as an individual “event” that can be dropped directly into any loan production workflow. A single click runs an audit and stores the results. Business rules define how the workflow branches based on the results.

Once the loan is in process, there is a consistent level of auditing throughout the entire production cycle. The initial series of specific DocMagic auditing functions are embedded in Roohmz so that users can “drag and drop” and initiate such “intra-loan” compliance events as:

►Federal and state-specific high cost tests, plus Fannie Mae and Freddie Mac points and fees tests
►Federal and state-specific HPML audits
►TILA/MDIA audits
►RESPA audits
►State-specific audits, ranging from prepayment penalty audits to points and fees audits.

“This offers great synergy, with a strong link between the core workflow process and the crucial auditing function,” said Dominic Iannitti, CEO of DocMagic. “For the first time, users can deploy the intra-loan audits they desire on each and every loan. New features now being developed for the audit engine will further expand the benefits of this collaborative integration.”

Using Roohmz, loan production workflow can select the individual audits based on loan type, state and local requirements, and other considerations. In addition, if the initial results indicate corrective action is necessary, they have the option of stopping the loan transaction/auditing in order to make the appropriate adjustments. The audits run consistently on every loan to ensure high quality production that is always in compliance with all appropriate regulations and disclosure requirements.

“This solution-based integration between two committed technology partners—rather than the generic integrations that are often provided—has enabled us to create an innovative compliance solution that was not previously available to the lending industry,” said William DiPaolo, CEO of Cogent Road. “DocMagic is a terrific partner, and I believe this is just the beginning of what our two firms can create together.”

As featured in National Mortgage Professional, April 2013