SHELTON, Conn. (PRWEB) January 29, 2018
EDR, Inc. announced today that it has achieved another significant milestone as one of the top five lending institutions in the nation has 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.
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.
More About Collateral360
Collateral360 provides the ability to see and manage risk, most effectively – end to end, from origination and throughout the life of loan. It compresses cycle times by streamlining the acquisition of critical information, including appraisals, reviews, environmental reports, flood, tax, inspections and other property information. The platform helps to better manage property-related risk, improves workflow efficiency, and simplifies compliance and vendor management. As a cloud-based application, Collateral360 doesn't require costly IT infrastructure and support, and its code base allows for easy deployment of enhancements and upgrades. Go to http://edrnet.com/lenders to learn more.
EDR is a leading provider of information, technology and workflow solutions to the real estate lending and property due diligence industries including environmental consulting firms, financial institutions, appraisers, and corporations. EDR provides web-based tools that help its clients increase operational efficiencies and better analyze and manage property related risk. EDR's database contains over 4.1 billion property records, including the most comprehensive repository of environmental and land use information in the United States. EDR also conducts market research and shares strategic intelligence through a variety of online channels and in-person events. Founded in 1990, EDR is headquartered in Shelton, Connecticut and is owned by the Daily Mail and General Trust, plc (DMGT). http://www.edrnet.com