CENTER STAGE
Center Stage with Roohmz Mortgage Enterprise The Niche Report talks with William DiPaolo, CEO of Cogent Road brought to you BY THE NICHE REPORT
What is Roohmz Mortgage Enterprise? Roohmz Mortgage Enterprise is a Web-based workflow management system that intelligently manages the progression of mortgage loan applications from origination to closing, enforces compliance and provides a robust communication platform that delivers e-signature enabled loan documents. The loan management system creates transparency in the loan origination process for both borrowers and lenders by continually monitoring application status, providing real-time updates and ensuring each step is completed in full compliance. The product was built to complement and enhance any LOS system. What were the reasons behind developing Roohmz Mortgage? There are a lot of mortgage systems that tout their ability to automate the workflow of loan origination, but as we talked with our clients and other lenders and heard the issues they were having with their LOS systems, we realized that the concept of workflow management had not been fully developed in the mortgage industry. That is when we began to conceptualize the true meaning of workflow management and developed a product that not only manages work, but takes the burden off of the lender by conducting the tasks automatically. At a time when the industry is in constant search of ways to do more with less, Roohmz Mortgage was developed at the right time. This became especially important as brokers began consolidating into larger lenders. It is no longer feasible 34
March 2010
for a loan officer to complete his portion of the process and then walk it to the office next door for the next step. As shops began to grow, they did not have the infrastructure to stay on top of compliance and loan status for each borrower. There are two version of Roohmz Mortgage: Standard and Enterprise. What is the difference? Roohmz Mortgage Standard edition provides loan originators with an automated compliance solution, ensuring loan officers remain in full conformity with Equal Credit Opportunity Act’s Regulation B, Truth in Lending Act’s Regulation Z without any human effort. It efficiently organizes files to alert loan originators the moment a file is about to fall out of compliance and be withdrawn. The system delivers all adverse notices as soon as the file is withdrawn or declined, either electronically or via first-class mail, while creating an audit trail for compliance officers. Standard also provides a digital loan solution complete document delivery and e-signing capabilities. Roohmz Mortgage Enterprise builds upon Roohmz Mortgage Standard, incorporating all the compliance elements to its upgraded version but also includes automated compliance with RESPA’s new Good Faith Estimate disclosure requirements. Enterprise enforces consistent origination workflow using linked desktops that move files efficiently from worker to worker as the loan progresses. Through Roohmz Mortgage Enterprise, each loan file is digitized and rules are applied to its path to closing, guaranteeing that each prerequisite is met before it even moves on to the next status. Such a predetermined track ensures all necessary checkpoints are completed at the right time, eliminating the chaos and mystery behind