Robert Burrell, head of business development at Stamford, Conn.-based RiskSpan, told Credit Union Times the firm is developing some new products and services that will help financial institutions face a new market and regulatory landscape.
RiskSpan owns historical data from about half of the nation's private label mortgages, Burrell said, and is currently building software that will help institutions analyze their own loan portfolios. Additionally, RiskSpan's consultancy unit may work with financial institutions to evaluate loan portfolios and compare them against benchmarks, which will "help calibrate their credit model", he said.
"Models try to predict the future, and the future is pretty uncertain, but this could provide a good starting point," Burrell said.
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Despite being forced out of his WesCorp job, Burrell said he has no ill feelings toward the corporate or the NCUA. Instead, he said he's enjoying his new role at RiskSpan, saying it's an exciting time for the company and the financial services industry.
"For a long time, everybody had their heads down, kind of a bunker mentality, but now seems like folks are trying to work out what the future looks like and how to prepare for it," he said. "I think that's a good thing."
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