FI Compliance Solutions, a risk management firm headquartered in Philadelphia, has announced a product that it says will allow CUs to review their loan portfolios in real time.
The new software, called ActioNsight, lets CUs analyze their loan portfolios much more quickly and with less effort, according to the firm.
"Many of our clients were looking for a cost effective way to evaluate and monitor their loan portfolios," said Eric Strohl, CEO of FI Compliance Solutions. Today, the process is typically done manually and takes months to complete. In addition, the process can become very costly when having to get updated borrower information on collateral values and credit scores.
The company claimed that ActioNsight will be able to evaluate thousands of loans in minutes and enable management to better understand the portfolio's risks. The loans are then scored and evaluated using the CU's standards. Loans that have weaker scores are also given "resolution options" to help the CU decide how to address their risk.
"Since loan portfolio problems have historically been the major cause of FI losses and failures, this solution really made a lot of sense for us and our clients," Strohl said. "Our company's focus from the beginning has been on helping clients remain safe and sound. This solution will go a long way towards helping our customers meet that goal."