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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
SYS-CON.TV
Mortgage Industry Gets 1st Cloud-based Valuation Software
Level1Analytics™ formed to provide accurate, fast & defendable analysis

FT. LAUDERDALE, Fla., Nov. 28, 2012 /PRNewswire/ -- Level1Loans and IntraPrise Solutions, Inc., today announced the creation of Level1Analytics LLC, a joint venture to provide cloud-based mortgage valuation and other financial modeling software to owners and managers of mortgage and mortgage related assets. Each of the companies has a 50% joint ownership in the private venture, which is led by Dr. Thomas J. Healy, CMB of Level1Loans and Jeff Van Voorhis of IntraPrise Solutions.

"We created Level1Analytics to meet a need that hasn't been addressed in the financial services industry:  an affordable easy to use in-house capability that provides accurate mortgage and mortgage servicing valuation and modeling that banks and others can defend with confidence when regulators start asking tough questions," said Dr. Thomas J. Healy, CMB, president of Level1Analytics. "Previously, these institutions had to rely on cumbersome and time consuming do-it-yourself analysis or costly outside consultants and vendors."

L1-MSR is company's first product for Mortgage Servicing Rights Valuation

The company's first product, L1-MSR, is a first of its kind, cloud-based software that provides banks, mortgage banks, credit unions, insurance companies and others with the do-it-yourself capabilities to value and stress test their Mortgage Servicing Rights (MSR).  The system is updated monthly to reflect the latest prepay speeds and assumptions.  Users can rely on these market tested variables or use their own. By simply uploading loan level portfolio characteristics into Level1Analytics secure platform, what used to take days or a team of analysts to accomplish is completed in a matter of minutes. The software is licensed to individual institutions on a monthly basis and provides the power to make informed MSR management and investment decisions using the most complete stratification, valuation and accounting software available.

"L1-MSR is technology that is fast and easy to use and doesn't require an army of people or capabilities to generate accurate, consistent and transparent MSR valuations," said Jeff Van Voorhis, Executive Vice President Development.  "L1-MSR will greatly improve bottom-line accuracy as well as efficiency for institutions that today may be making these calculations using spreadsheets or other cumbersome software."

1st Source Bank Deploys L1-MSR

L1-MSR is currently being deployed by 1st Source Bank of South Bend, Indiana, a financial institution with $4.49 billion in assets and 75 banking centers in 17 counties. It also operates 22 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Management locations and eight 1st Source Insurance offices. 

"Level1Analytics brings us in-house capabilities that we previously didn't have. We can now run reports with confidence on our own time for quarterly reporting to regulators or when we have a question about our portfolios," said Pam Green, Accounting Manager of 1st Source. "It allows us to know with precision exactly what the value of our Mortgage Servicing Rights are at any point in time, and it's extremely easy to use."

About Level1Analytics

Level1Analytics, headquartered in Fort Lauderdale, Florida is a joint venture between Level1Loans and IntraPrise Solutions. Level1Analytics provides financial modeling software to the mortgage lending industry. The company develops cloud based software technology that allows financial institutions to value their mortgage portfolios and mortgage based assets in an easy, accurate, defensible, economical and transparent way. For more information go to www.level1analytics.com.

Contact: Siobhan Carroll
401-331-4600/401-323-3036(m)
scarroll@perrypublicrelations.com

SOURCE Level1Analytics

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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