The Benedict Aspect

Investment management and loan servicing news and insights.

Case Study - CDFI Reporting

May 2015

Recently we began discussing functionality requirements with a prospective lender. They're in the market because their current system doesn't handle everything they need. They have a large portfolio with various loans types ranging from complex to the more straight forward. They are also a CDFI lender, and they explained that they have not been able to find a system that can handle CDFI reporting and their other more traditional commercial and complex loan types. Up until this point we have not handled CDFI reporting in our system, but we soon realized that adding it would create significant value to our offering and really give this prospect the whole package. So we built it.

We got to work, and in just 2 weeks we released an internal build of an entirely new set of screens that includes:

  • 20 new CDFI tables encompassing the many required lookup values.
  • 94 new CDFI focused and CIIS required fields.
  • 51 new screens.
  • On screen CIIS reporting validations for easy annual submissions.
  • A CIIS approved export for annual reporting.
  • Integration into our current servicing system that includes support for areas like unlimited investors, borrowers, properties, escrow accounts, etc to offer the most flexibility possible.
  • CIIS approval as an offering vendor.

We did this all before the prospect's first demo and we were able to include our new set of CDFI screens within their initial system demo. We are now moving ahead with subsequent discussions and look forward to future projects together.

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