The use of the Zenmonics CVR has significantly increased the efficiencies of our review efforts and allowed us to further enhance both the standardization and quantity of our reviews.
Charlotte, NC (PRWEB) February 7, 2011
Zenmonics Inc., a leading IT provider in the banking and finance sector, announced today that the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has extended its contract for the hosting and maintenance of the Zenmonics Collateral Verification Review System (CVR) through December 31, 2011.
The FHLBank Atlanta uses the Zenmonics CVR to manage its required review and collateral verification of loan portfolios pledged for loans from member banks.
The Zenmonics CVR system automates the entire review process from organizing sampled mortgage portfolios to coordinating review team visits and merging data sets collected on-site into comprehensive reports. The Zenmonics tool simplifies and speeds the review process by guiding the analyst through the collection of data on four types of mortgage portfolios: Residential, HELOC/2nd Mortgage, Multi-family and Commercial, in three primary areas of analysis: Collateral Verification, Anti-predatory Lending, and Debt to Income Ratio Verification. The Zenmonics CVR solution is fully customized to accommodate FHLBank Atlanta practices/processes. Zenmonics offers the CVR in a number of different formats and delivery options including license ownership and/or, as provided to FHLBank Atlanta, a fully hosted and maintained system.
FHLBank Atlanta Senior Vice President and Director of Collateral Services, Robert Kovach, stated that "We have been extremely pleased with the performance and benefits provided by the Zenmonics CVR solution. The use of the Zenmonics CVR has significantly increased the efficiencies of our review efforts and allowed us to further enhance both the standardization and quantity of our reviews. The productivity gains have been critical to our ongoing risk management process and the consistency of performance is very positive."
John Kelly, Executive Vice President of Zenmonics, noted that "Zenmonics has invested significant resources in serving the specific needs of the Federal Home Loan Banks and believes that the Zenmonics CVR is one of the first systems designed specifically for the collateral review needs and process of the FHLBank system. Zenmonics has focused its efforts, from its inception, on providing IT services and products to the retail banking market and now, with this product, has moved further into the arena of providing customized solutions for increased productivity, customer service, sales and risk mitigation."
About FHLBank Atlanta
FHLBank Atlanta is a cooperative financial services organization that provides funding, community development grants, and other banking services to member financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia. The institution is one of 12 district banks in the Federal Home Loan Banking System, which since 1990 has contributed more than $4 billion to affordable housing development in the United States.
About Zenmonics, Inc
Zenmonics is a leading IT services and Business Solutions company for the Global Business Community that offers a 360 degree service portfolio spanning the entire IT Lifecycle for financial enterprises and independent software vendors world wide. Zenmonics has experience in application development, process management and systems integration for financial institutions. Zenmonics is headquartered in Charlotte, NC, with additional offices and development centers in Lima, Peru; Hyderabad, Mumbai and Bangalore, India.
For additional details on the contract extension please call: Fred Pruitt, Sales Director, at 1-904-613-8805 or email fred.pruitt (at) zenmonics (dot) com.