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Credit Unions Helping Credit Unions: Loan Portfolio Monitoring Software

By: Jim Giacobbe

June 29, 2016

In the true spirit of collaboration, we are starting a series called Credit Unions Helping Credit Unions. We get questions from our credit union clients and who better to answer than our other credit union partners that have faced the same challenges! We'll post the question and update with the answers we recieve anonymously. All the Credit Union Helping Creedit Union articles will be posted to our blog in the category 'Credit Unions Helping Credit Unions' so you can come back to read them anytime. If you have any questions, answers, or suggestions, please email us!

Credit Union Question:

Loan Portfolio Monitoring Software

(This credit union contacted us about their auditors requiring additional information about their loan portfolio.  They are researching software that can help monitor, track and trend their loan portfolio for both consumer and mortgage loans.  The product should provide risk analysis by product type, loan officer, credit scores, etcetera.)

"We are looking for a way to supplement/increase portfolio monitoring and extraction/compilation of data.  A specific example in identifying risk – take an auto loan two years into a 72-month contract and determine both the current value and LTV based on the vin number.   And further digest that data into risk by FICO, disbursing branch and loan officer.  And be able to compile the data monthly to track trends to identify and proactively make necessary adjustment to lending policies.   And do the same with the mortgage portfolio.  Research has brought up the name “Visible Equity” as a potential resource.  Any feedback on this provider or potential others would be helpful."

Credit Union Responses:

Answer 1: We are in the process of coming onboard with Lending Insights. They are looked upon favorably by NCUA and other regulators! They do exactly as the credit union requested and you highlighted! Contact Gavin Lawrence at CU Direct for more information.

Answer 2: Best in the market for this is SageWorks!

 

If you are currently using a product to automate this process, especially one that your auditors appreciate, please let us know so we can add it to our reponses! Email us or call us toll-free 866-942-9186.

All questions and answers will be posted anonymously for credit unions to find them here.

Jim Giacobbe

Jim Giacobbe has been with the United Solutions Company since 2005 when he accepted a position as Chief Technology Officer. Jim eventually became the Chief Operating Officer and then Chief Executive Officer when Ray Cromer Jr. retired in 2010. Jim’s commitment to the credit union industry, innovative technologies, and team integrity has made him a respected and successful leader across the credit union service technology industry. Jim explains, “If we treat our customers and our staff with respect, offer best of breed technology, control expenses, and work hard to provide the best service possible we are way ahead of our competition. The formula for success isn’t that hard, but being disciplined and staying on task is the challenge.”