Loan boarding, or the process by which a portfolio of loan and account data is transferred from one management system to another, is a critical concern when considering outsourcing to a third party. Acenden has significant experience boarding medium and large portfolios of loans from third party servicers/lenders. Over the last 3 years, Acenden has implemented loan migrations of approximately 30,000 loans from 8 different parties and completed a system migration covering over 70,000 loans from a legacy mortgage system we used, to our current platform. In the last years, Acenden has also:
- Boarded a large non-performing loan portfolio from an Irish lender in September 2014
- Boarded several thousand new second lien loans from a UK bank in 2013
- Supported two ‘Emergency Boarding’ migrations that required a quick migration of arrears assets due to special circumstances where the lender had concerns about deteriorating performance
Our experience has taught us that a strong project team, detailed planning, adaptable and scalable systems and a flexible, problem solving approach are all critical to successful transfers. Before, during and after a loan boarding our nominated Project Manager will work closely with the client and our own specialist analysts to ensure that understanding of the requirements, governance and operational loan migration is conducted with professionalism, attention to detail and to time.