30 Years of Mortgage QC Technology Innovation
From its inception, Cogent has always been a technology company, focused on providing award-winning software tools to the mortgage industry. As such, we are the longest-serving pure technology company in the loan review software sector, with a long history of innovations and multiple technology awards.
- 2021: Housing Wire Tech100 – Most Innovative Technology
- 2019: Housing Wire Tech100 – Most Innovative Technology
- 2017: Housing Wire Tech100 – Most Innovative Technology
- 2016: Housing Wire Tech100 – Most Innovative Technology
- 2015: Housing Wire Tech100 – Most Innovative Technology
- 2011: Lasting Impact Award – Mortgage Technology
- 2009: Lasting Impact Award – Runner Up – Mortgage Technology
- 2006: Top 25 Vendors – Mortgage Technology
- 2005: Top 100 Vendors – Mortgage Technology
- 2002: “Fix-It” Award – Mortgage Technology
History of Innovation
Cogent’s history as a provider of loan review solutions for mortgage originations and servicing began in 1993, and the Company has responded continuously to lender needs with new features and technology upgrades. The following timeline highlights Cogent’s development milestones.
1993 Cogent develops written statistical sampling methodology for top national lender, radically reducing the number of audits conducted by lender from the traditional flat 10% of production to a statistically calculated 1-2%.
Methodology results in hundreds of thousands of dollars in annual cost savings plus better insight into origination quality due to focus on risk-based sampling and auditing. Methodology is deployed by numerous subsequent lenders.
1996 Cogent releases the first Windows-based mortgage quality control auditing system, incorporating the Cogent statistical sampling methodology and a robust audit system.
1998 Cogent releases ServicingQC, the first mortgage quality control system in the industry, with workflows, audit modules and data flows designed specifically for mortgage servicing audits.
2000 Cogent releases ComplianceQC system, including new modules for Fair Lending and Underwriting, Fair Lending/Matched Pair Analysis, General Compliance, and HMDA Data Audit.
Predatory Lending Module is introduced shortly after, providing the industry with a “standards-driven analytical methodology to evaluate potential predatory lending issues”, including an APR Calculator and High-Cost/Section 32 loan evaluation worksheets.
2002 Cogent wins Mortgage Technology magazine’s “Fix-It” Award for “a technology tool providing an effective solution for a particular industry need or channel.”
2004 Cogent releases Feedback Functionality to automate the QC rebuttal process, enabling quality control teams to output their findings to units they are auditing and to import units’ rebuttals into Cogent QC system.
2005 Cogent migrates its software platform to Microsoft .NET, rewriting code from scratch. The new platform enables rapid application development and facilitates integration with external systems, including Web-based applications.
Cogent also simplifies its product suite from 5 systems to 2 systems: ProductionQC and ServicingQC. All previous functionality is componentized and incorporated into one of these systems via dedicated audit modules. System becomes more robust, faster, more powerful, more secure.
2011 Cogent wins Mortgage Technology magazine’s Lasting Impact Award, “acknowledging an individual, group or company responsible for a technology initiative or development proven to have an enduring influence that has transformed mortgage finance.”
2015 Cogent releases Version 126.96.36.199 with multiple enhancements: new Document Depot component, enabling upload of supporting documents in most popular formats to the Cogent database; enhanced tools for querying the database; importing and integration of external (vendor) reviewed audits into Cogent; Active Directory Groups; tracking of supervisor overrides to determine common overrides; additional formats for data output; and much more.
2017 Cogent releases Version 188.8.131.52. adding the following functionality, among others: Auto-decisioning (rules-based functionality to select the Final Decision of the audit) — Gross vs. Net defect rate calculation and reporting — Integration of Fannie Mae error taxonomy into system — Automated workflow customization, e.g., auto-generation of feedback items upon completion of an audit — Enhanced security and SSO/Active Directory integration — Coherent, enterprise-wide/multi-level quality control (first line of defense, second line of defense, outsourced reviews, secondary/supervisor reviews)
2019 Cogent releases Version 6.0 adding the following functionality, among others: Extend auto-decisioning options to 3 basic types, in addition to unlimited customizability — Display Watch Lists only under specified conditions (e.g., this is an ARM loan) — Maintain user grid state: Maintains the field/header layout most recently arranged by the user in grid screens — Combination Pages: Users can now create Combination audit shell pages that display two audit pages at once –Expanded Query Capabilities: New features expand date-based query options, as well as field-to-field comparison options — Outgoing Feedback Emails may now be customized by the user — Reverification Letters may now be customized.
2021 Cogent releases Version 184.108.40.206 adding the following functionality, among others: Import, process and report on outsourced QC reviews together with reviews conducted in Cogent — Track and control Supervisor Overrides — Mirror samples drawn in one audit module into another (identical accounts sampled in each module) — expanded user grid state — new and enhanced database querying and presentation tools.
2022 Cogent releases Version 7.0 adding a new configurable dashboard interface, which displays users’ favorite charts, tables, data upon log-in — adding new Data Information Grid (DIG) tool, with enhanced data querying and reporting tools, as well as one-click access to items in query results — multiple enhancements to further automate key tasks (Data management, sampling, auditing, reporting, feedback).