MARLBOROUGH, Mass (1/8/16)--MemberClose, a provider of a one-stop, bundled, home equity and mortgage-settlement solution, and LoanLogics, a technology provider in loan quality management and performance analytics, have created an automated portfolio review service for credit unions.
The new service is designed to enhance the value of MemberClose’s Home Equity and Mortgage Settlement software platform with new loan management and assessment functionality. A credit union can upload loans to LoanLogics’ LoanHD Loan Performance Management platform via a secure interface located on the MemberClose’s website. The LoanHD system performs a loan analysis, which is then delivered through the MemberClose platform.
MemberClose, offered by the Cooperative Credit Union Association (CCUA) through its subsidiary, Members Insurance Agency, is used by more than 200 credit unions across 19 states.
"We are constantly working with our credit unions to understand how their exams are going, what they are hearing from the regulator and how we can help,” said CCUA President/CEO Paul Gentile.
“Examiners are asking credit unions to demonstrate how they are monitoring their potential loan portfolio risk,” Gentile added. “This product is designed to help credit unions do just that and also generate the reports and data to help demonstrate to the regulator how that monitoring is being done. That's valuable for today's environment."
MemberClose users will benefit from the ability to run portfolio reviews and assess the amount of potential risk inherent in the credit union’s home equity lending portfolio. In addition, this partnership will also provide discounts for credit unions that wish to further tap additional capabilities provided by LoanLogics through its LoanHD platform.
In addition to life-of-loan performance management, analytics, monitoring and data refresh capabilities, LoanLogics also offers product eligibility and pricing, as well as a loan-quality management solution that automates and reduces the costs and risks associated with mortgage loan quality-assurance and quality-control audits.
LoanLogics was founded 10 years ago to improve the transparency and accuracy of the mortgage process, improve the quality of loans and reduce risk to industry participants.