Cogent Road adds digital document delivery to Funding Suite.

Cogent Road, San Diego, a provider of Internet-based applications for the mortgage industry, announced it has added Digital Document Delivery (D3) to Funding Suite, the company's credit-report-management platform, in order to provide a system for managing the distribution and management of documents during the mortgage origination process.

In order to replace inefficient faxing and e-mailing, D3 provides originators with four ways to deliver documents--computer upload, electronic faxing via a bar-coded fax cover sheet, virtual printing and scanning. Although these delivery methods are not new technologies, this is the first time they can be used by originators to submit borrower documents to credit reporting agencies, according to Cogent Road.

The credit-review process historically has been time-intensive because it relies heavily on paper-based document exchange. Using Funding Suite's D3 to digitize paper documents into electronic files speeds up processing time. It also adds additional accountability in the document delivery process, verifies that the credit agency receives the necessary documentation, increases the security surrounding sensitive consumer financial information and increases efficiency due to the elimination of paper shuffling and the need for physical storage of files.

On the back end, all documents submitted electronically via D3 are indexed into Funding Suite. Then the system matches documents with the appropriate order and routes them together to the specific credit processor working on the file. These documents stored in Funding Suite are also easily accessible if they need to be retrieved at a later date.

"Using Cogent Road's Digital Document Delivery increases our efficiency and gives us a cost-effective way to 'go green,'" said Jim Redin, district sales manager at Sacramento, California-based Paramount Equity Mortgage.

"Paramount Equity has a company-wide initiative to use green technologies whenever possible. The company also offers residential solar-financing solutions to make solar technology more accessible to homeowners," he added.

"Digital Document Delivery was designed to streamline the paper-intensive credit-verification process that can be frustrating for mortgage originators, processors and consumers," said William DiPaolo, managing partner of Cogent Road. "Instead of originators wondering if their faxes were correctly sent or worrying that processors overlooked e-mail attachments, D3 gives originators more control during the credit-verification process because necessary documents such as bankruptcy filings and summary judgments are electronically attached to the order automatically."