Tailoring Our System to Meet the Needs of CDFI Lenders and Beyond - A Case Study

We first began working with CDFIs almost a decade ago when a prospective lender searching for a loan servicing solution capable of handling a diverse portfolio encompassing a variety of loan types, from straightforward to highly complex. Unique to their needs, they are also a Community Development Financial Institutions (CDFI) lender and struggled to find a system proficient in CDFI reporting alongside more traditional commercial and intricate loan types.

Recognizing the lack of a unified solution in the market, we saw an opportunity to enhance our system and provide a comprehensive solution to not only this particular client but also to the broader CDFI community. We swiftly embarked on a journey to incorporate CDFI reporting capabilities into our loan servicing software, working diligently to design, build, and test new functionality in just two weeks.

The innovative features we added to our system include:

• 20 dedicated CDFI tables encapsulating the multitude of required lookup values.
• 94 specialized fields focused on CDFI operations and CIIS (Community Investment Impact System) requirements.
• 51 new screens, designed for intuitive and efficient navigation and usage.
• On-screen CIIS reporting validations to simplify and streamline annual submissions.
• A CIIS approved export function for seamless annual reporting.
• Integration into our existing servicing system, incorporating support for areas like unlimited investors, borrowers, properties, escrow accounts, and more, delivering unmatched flexibility.
• 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. They have now been a client for quite some time.