BURBANK, Calif. – Lockheed FCU disclosed yesterday it signed with MDA DataQuick to install the company’s Collateral Validation to help the credit union proactively identify and manage loan risk and set loan loss reserves.
Lockheed and MDA DataQuick determined five market area risk levels in order to assess one dimension of risk in their real estate portfolio to meet their regulator’s requirement of a multi-dimensional portfolio risk analysis.
Through the use of neighborhood-level data and analytics, the $2.6 billion credit union is better able to identify and meet loan loss reserve requirements, evaluate and manage potential risk in individual loans or groups of loans and understand the overall value of the credit union’s loan portfolio.
Collateral Validation also includes a forecast, which provides lenders and servicers with the projected market value of the property for the next 30, 60 or 90 days. The tool utilizes MDA DataQuick’s proprietary Neighborhood Level Housing Price Index, which collects complete real estate and sales data from across the country. The Index drills the data down to the ZIP+1 or 2, providing lenders with trends and forecasts at the most local level, compared to the industry standard of County-level data.
MDA is based in Wilmington, Del.
