Independent Banker - July 2017 - 43

SPECIAL SECTION
POWER LENDING PARTNERS
More Efficient, Competitive and Compliant Lending Operations
Competitive pressures are forcing real
estate lenders to complete underwriting
more quickly and cost effectively
than ever, but not at the expense of
prudent risk management or regulatory
compliance. At the same time, the
recent wave of regulations has imposed
additional cost and resource burdens on
bank lending operations.
One of the most time consuming and
costly components to lending is the
data collection and analysis required
for underwriting. While the borrower
has easy access to a FICO score, bank
statements and other data required for
underwriting credit, the underwriting
of the property can be a cumbersome
and manual process. Managing
the appraisal and review process,
determining flood status, inspecting
and verifying property conditions,
assessing environmental conditions,
researching tax liens-all can add
weeks to a closing date and make for
an unhappy client. And to complicate
matters, regulatory guidelines suggest
that real estate assets be monitored for
most of these over the life of loan.
Technology to the Rescue
While some community banks are
still managing key processes with
spreadsheets and email, technological
advances are allowing data acquisition
and analysis to happen faster than ever.
One such example is that of EDR's
Collateral360™, a platform over 900
banks use as the backbone of their
collateral underwriting process.
Collateral360 serves as a hub for all
property information, and connects
bank stakeholders to the people and
data critical to underwriting and
managing real estate assets. Powerful
vendor management functionality
makes managing appraiser panels,
developing bid requests and tracking
assignments easy. As a compliance
tool, the application allows banks to
build their policies into the platform to
ensure all loans are in compliance.
" As an appraisal analyst, I've
experienced an increase in efficiency
as the entire appraisal process is
streamlined, and what took hours
coordinating assignments and reviews
has now been reduced significantly.
The Collateral360 platform has allowed
us to complete collateral underwriting
much faster, " said Fred McDonald, Vice
President/Property Appraisal Analyst,
Popular Community Bank.
One thing is for certain, competition or
regulations will not relax anytime soon.
The most successful and competitive
lenders are those who leverage
technology to improve the efficiency
of their operations, expand data
warehousing, and improve business
intelligence and decision making.
EDR can help your bank meet these
challenges. Call 800-352-0050 today
to inquire about how Collateral360 can
help improve your lending operations,
or visit edrnet.com/lenders.
Gary Kulik, Marketing Manager, EDR Lending Solutions
6 Armstrong Rd., 4th Fl., Shelton, CT 06484 | 800-352-0050 | edrnet.com/lenders
Finding the right technology
partner is critical to successful
implementation. Here are some key
criteria to look for in a solution.
Level of support and training-
* What kind of support does the
firm offer?
* Do they offer training programs
for bank employees, vendors?
* How are new releases rolled out
and supported?
API friendly-
Can the application connect with
core bank systems through APIs
to allow for sharing information
across the enterprise (bank's LOS,
accounting, other system)?
Scalable solution, easily configured-
* Can the system be configured to
meet bank's specific needs?
* Is it designed using a single
codebase?
* Is it multi-dimensional-does it
do more than one thing?
http://www.qmags.com/clickthrough.asp?url=http://edrnet.com/lenders&id=20303&adid=P43A1 http://www.qmags.com/clickthrough.asp?url=http://edrnet.com/lenders&id=20303&adid=P43A2
Independent Banker - July 2017

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