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Evolv Loan Accounting Platform in action!

Read about how we have implemented compliance and efficiency for all sized institutions with a variety of needs.

Challenge

A large financial institution, with more than $80 billion in residential, consumer, and commercial loans, acquired another financial institution with over $110 billion of similar loans.  In accordance with FAS 141 (Accounting for Business Combinations) and SOP 03-3 (Accounting for Acquired Distressed Loans), the acquiring institution was required to identify those acquired loans considered credit impaired under SOP 03-3 and to mark-to-market the loans as of the Financial Close Date.  Subsequent to Financial Close Date, the acquiring institution would continue to re-estimate expected cash flows against the SOP 03-3 population and adjust its recorded investment upon impairment or adjust prospective accretable yield upon a cash flow increase.  The client did not have the in-house capabilities to perform the Day One and Day Two accounting as well as produce the required reporting.  The acquiring institution requested help from Primatics.

The Solution

Primatics deployed their Evolv Loan Accounting Platform as well as experts from its consulting practice to address the client’s challenges.  Evolv Loan Accounting was used to perform all Day One and Day Two accounting for the entire acquired portfolio (SOP 03-3 and Non-SOP 03-3).    Primatics was able to deploy its system in support of Day One accounting within three months.  The client engaged Primatics to execute the software in a hosted environment and to produce all the necessary journal entries and disclosures.  Evolv Loan Accounting was used to process over one million loans, including commercial C&I, commercial real estate, residential mortgage, and consumer loans.   In addition to the software, Primatics provided advisory services in support of the client’s (1) SOP 03-3 identification methodology, (2) commercial cash flow re-estimation process, (3) various policies and procedures definition and implementation, and (4) communication and presentation of results to internal management, Board of Directors, auditors, and regulators.  The combination of resource expertise with our proven software enabled us to provide immediate and scalable value to the client.