RALEIGH, N.C. – Sageworks, a financial information company that provides credit risk and risk management solutions to credit unions and banks, announced a series of a new products and product enhancements.
New products include Sageworks Credit Analysis with Nonprofit Lending, Credit Report Access and ALLL Forecasting.
Sageworks said it developed new credit analysis templates connected to its credit risk management solutions, with the latest versions designed specifically for nonprofit entities. The company said the new templates will allow the platform to analyze for-profit companies, farms, guarantors, nonprofit organizations and real estate, while combining the different entities into a single, global cash flow analysis. The company said this new product will allow institutions “greater consistency and defensibility in lending decisions.”
With Sageworks Credit Report Access, users can pull real-time credit score and report information into underwriting analyses, risk ratings, loan prices, documentation and stress testing, using the institution’s subscriber ID and password to access credit-bureau data. With this product, loan officers are armed with up to date credit-risk information for guarantors, the company said.
For portfolio risk management, Sageworks launched ALLL Forecasting. While hundreds of institutions rely on Sageworks ALLL for calculating the allowance for loan and lease losses, the company said this new solution equips users to make assumptions about balances, charge offs and recoveries and to see the estimated impact on the provision and the reserve.
With this information, CUs and banks – as well as their boards of directors -- can have “more informed capital and strategic plans such as updated risk appetites or concentration limits,” Sageworks said.
Sageworks said it also made several enhancements to existing solutions as a result of client feedback.
“We put a lot of stock into the recommendations of our client base,” Scott Ogle, CEO of Sageworks, said in a statement. “These clients understand their processes and needs more than anyone, and with their help we are able to build solutions that tackle their problems.”
