First American CREDCO Launches Portfolio Services
May 11, 2004
New Suite of Solutions Improves Loan Retention and Reduces Risk
POWAY, Calif., /PRNewswire-FirstCall/ -- First American CREDCO has introduced a new product suite, Portfolio Services, to help mortgage lenders proactively retain customers and manage risk.
The tools within the Portfolio Services suite allow mortgage lenders to monitor specific activities on an individual consumer's credit file, evaluate credit-specific trends and receive summarized credit-related demographics for consumers within their portfolio. The volume data analysis available through Portfolio Services provides the most current and targeted consumer intelligence, allowing lenders to act quickly to retain business and mitigate risk.
"The Portfolio Services tool-kit allows our clients to maintain and grow their business in any market condition," said Michelle Pinnix, senior vice president of First American CREDCO's Portfolio Solutions division. "People are amazed at what our Portfolio Services can tell them about the behavioral patterns of consumers within their portfolio. Which customers are shopping around for other loans? Which have stopped paying their credit card bills? These are just a few examples of the critical data we can provide using state-of-the-art database analytics, enabling lenders to take a more strategic approach to customer service, regardless of industry cycles."
Portfolio Services is comprised of three main solutions. Account Monitoring alerts the user when the consumer's credit file is updated with a "trigger" event, such as a new-credit inquiry or bankruptcy filing. The Batch and Append tool delivers compiled data about the consumers within the portfolio, such as credit scores and mortgage loan amounts, and allows users to prioritize and focus their marketing efforts. Portfolio Credit Review provides overview data for the total portfolio and analysis needed for valuation. While the Portfolio Services suite is designed to work as a fully integrated business intelligence solution, each of its tools can operate independently and are available as individual products.
Source: First American CREDCO