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Cogent QC: Award-Winning Loan Quality Control & Compliance Software

Award-Winning Mortgage Quality Control and Compliance Software

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Mortgage Technology – A Whole New World

April 20, 2018 By Kaan Etem

Mortgage technologists gathered this week at the MBA Tech18 conference to talk about the digital mortgage, mobile applications, artificial intelligence, APIs, block chain, and even drones, robots, augmented reality and the Internet of Things.  Heady stuff, and a far cry from pre-crisis days. This is not your father’s mortgage technology, and as the pace picks up, there will be a shake-out of traditional players who don’t adapt.

The theme of disruption was illustrated nicely in the two keynotes. By some miracle, Oakland A’s General Manager Billie Beane made statistics interesting and humorous, showing how he teamed with a baseball outsider to ultimately revolutionize baseball. Quicken Loans’ Dan Gilbert and Bill Emerson were equally entertaining in their keynote, as they bantered about how Rocket Mortgage came to disrupt the mortgage landscape. Speaker presentations are available to MBA members here.

With loan origination costs now up to $8,500 per loan, cost reduction through process automation has everyone’s attention. The cool technology is coming but until then, most organizations can pick the low-hanging fruit by automating manual processes, according to several speakers. Paper-based processes, error-prone data entry into silo-ed systems (requiring redundant re-entry), triple checking of work, and many things involving Excel can be streamlined without new technology. We have some ideas about this in our earlier post, in case you haven’t explored them yet. Look for more posts soon covering some interesting ways to think about using technology effectively in your organization.

Filed Under: Cogent QC Systems, Mortgage Industry, Mortgage Quality Control, Mortgage Technology, Statistics, Uncategorized

Statistical Sample Size Calculator

March 29, 2018 By Kaan Etem

Our standard statistical sample size calculator is now available as a free resource online. If you haven’t seen it yet, we encourage you to try it.

If you need help, check out the guides and white papers on our Resources page.

And if you have any feedback about how to improve the calculator, let us know. We’re planning an upgrade and we need your input.

Thanks for visiting!

After a population count of about 5,000 units, the number of units to be sampled for any given defect rate flattens out – a major benefit of using statistical sample selection.

 

The Cogent Team

Filed Under: Mortgage Quality Control, Statistical Sampling, Statistics, Uncategorized Tagged With: Cogent QC Systems, statistical sampling

Automating Workflows

March 29, 2018 By Kaan Etem

The mortgage QC sector has evolved to the point where most system providers automate the basic workflows in one way or another: import loan record data, sample loans, conduct audits, reverify documentation, send feedback to business units in the field, resolve findings, and generate reports.

These aspects of the quality control process are well-honed and mature, so it’s comparatively easy to build systems and interfaces to manage them. The question is, what happens when you introduce different workflows, new workflows, or even new audit types?

Cogent’s system architecture, development staff and business model are aligned around helping lenders customize and automate their workflows and integrate them with other workflows in the organization.

 

If you’d like to hear about how we’ve helped our clients automate their processes,  call us or email us at the coordinates at the top of the page. We’re happy to share.

 

Filed Under: Automation, Cogent QC Systems, Compliance, Loan Audit Software, Loan Quality, Mortgage Auditing Software, Mortgage Quality Control, Uncategorized Tagged With: Process Improvement

Accuracy, Precision – and Neither

February 2, 2018 By Kaan Etem

A biologist, a chemist, and a statistician are out hunting. The biologist shoots at a deer and misses five feet to the left. The chemist takes a shot and misses five feet to the right. The statistician yells “We got ’em!”

Filed Under: Uncategorized

Controversy at the Consumer Financial Protection Bureau

November 29, 2017 By Kaan Etem

  In an extraordinary turn of events, “the leadership of the Consumer Financial Protection Bureau has been in controversy since last Friday when outgoing Director, Richard Cordray, and President Trump designated dueling individuals to serve as acting Director of the Bureau following Cordray’s resignation”, to quote Mitch Kider of the law firm Weiner, Brodsky and Kider. This situation presents some interesting dilemmas for compliance and quality control professionals, many of which are described by Mr. Kider in a Special Alert. The Alert provides a synopsis of the situation and its implications and is well worth reading in full right here. The industry is watching closely as the drama unfolds!

Filed Under: Uncategorized

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