EDR, Inc. achieved another significant milestone in January when another one of the top five lending institutions in the nation successfully launched the Collateral360® platform. The platform is a cloud-based SaaS application that supports mission critical real estate lending operations.
This milestone represents the fifth large-scale implementation the company has completed over the last 12 months, including another top five national lender EDR successfully brought online in late 2017.
In total, more than 980 lending institutions and the vendors that support their operations engage on the secure platform. This represents over 47,000 individual lending professionals including originators, underwriters, processors, credit and risk managers, as well as more than 12,500 vendor users comprised of appraisers and reviewers, environmental consultants, and others in the supply chain.
EDR was required to pass strict information security audits and other rigorous third party due diligence standards (TPRM), affirming the company’s status as a Tier One supplier to financial institutions.
Project and Change Management Key to Success
Key to deploying any new enterprise-wide application is to avoid disrupting lending operations during the conversion process, and to provide a smooth transition from legacy systems, noted Dean Graves, president and COO of EDR. “EDR employs a proven change management program that de-risks the implementation of a mission-critical application of this magnitude,” said Graves. “There are many moving parts, and success only comes with exceptional project management, first-class onboarding and training, and technology that is scalable, configurable and easy to use,” he added.
Migrating existing data from legacy systems was also a key component. Having this data in Collateral360, on one platform, gives lenders access to their historical data while operating in the present. It solves the challenges of big data, through structuring and warehousing data in a manner that facilitates the movement of information quickly across the enterprise.
According to Graves, with this successful implementation, EDR has released advanced functionality to meet highly complex and broad requirements which also delivers potential benefits to all clients on Collateral360, including the ability to manage large loan portfolios, construction management capabilities, international lending and powerful analytics & reporting.
“We are honored to be working with leading financial institutions,” said Graves. “We add the most value when we can deliver solutions that positively impact a bank’s efficiency ratio, visibility, controls and elevate their performance. Over the past year we have been focused on scaling the platform to meet the needs of larger institutions. EDR has invested in upgraded security protocols, global functionality, advanced implementation capability while also leveraging its reputation for highly attentive customer service,” Graves said.
For more information on Collateral360, go here