According to Chronos Solutions, the acquisition will further expand its suite of products and services that support mortgage lenders and mortgage technology talent. The Cogent Road suite consists of LOS, verification, and credit/data platforms.
Chronos Solutions CEO Matt Martin said that the acquisition brings more than 300 customers to the company's family, in addition to adding to its broad suite of origination services.
“Cogent Road offers an incredible array of superior origination technology,” Martin said. “The combination of these products with Chronos’ already-formidable suite of origination solutions empowers us to deliver end-to-end service to originators of any size.”
The announcement noted that Cogent Road develops three core products for the mortgage origination market:
- Funding Suite is a premier credit and data purchasing platform designed for mortgage lenders. Funding Suite not only provides credit information but does so in a format that allows lenders to analyze ways to improve a borrower’s credit real time as well as tracks spend at the loan level.
- Tax Door is a fully automated tax transcript solution that allows users to order verified income data via Internal Revenue Service tax transcripts without requiring signed 4506Ts. Tax Door has a 100 percent success rate, where the industry is used to one in the 15 percent range.
- Roohmz is one of the leading loan origination systems in the industry.
“Cogent Road prides itself on delivering flexible, robust technology designed to move the origination industry forward,” said William DiPaolohe, Cogent Road CEO. “In collaboration with Chronos’ wide variety of services and resources, we can deliver at elite levels virtually any service a mortgage lender might require."
In January, Chronos made its first acquisition of Realtybid.com, an online real estate auction marketplace, which has grown 800 percent since the deal occurred. “We expect to achieve similar levels of growth and success with Cogent Road as well,” Martin explained. The Cogent Road acquisition will mark the firm's second acquisition.
The announcement noted that financial terms of the transaction were not disclosed.
Martin further stated that Chronos intends to grow the Cogent Road acquisition into a mortgage and real estate technology lab, based in San Diego. “We expect to announce multiple new products and services in the coming year with the help of Cogent Road’s talented team,” he continued.