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Evolv Risk 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 ASC 310-30 (formerly SOP 03-3: Accounting for Acquired Distressed Loans), the client was required to fair value the acquired portfolio and to subsequently re-estimate expected cash flows 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 value such assets or produce the required reporting.  The acquiring institution requested help from Primatics.

The Solution

Primatics deployed its proprietary software, Evolv Risk as well as experts from its consulting practice to address the client’s challenges.  Evolv Risk was used to generate the Day One and subsequent cash flow re-estimations for the consumer ASC 310-30 (formerly SOP 03-3) population.  Primatics was able to deploy Evolv Risk in support of Day One valuation within three months.  The client engaged Primatics to execute the software in a hosted environment and to generate loan level cash flow forecasts broken out by principal, interest, prepayments, and credit losses.  Evolv Risk was used to process over 180,000 loans both stochastically and deterministically under multiple economic scenarios.  The client used the software’s robust infrastructure to run multiple simulations, some of which ran more than 100 times in just a few days.  This scalability and flexibility enabled the client to gain a much more thorough understand of the range of potential results.  In addition to the software, Primatics provided advisory services in support of the client’s (1) distressed portfolio management, (2) model validation / calibration, and (3) overall credit reserving process.  The combination of resource expertise with our proven software enabled us to provide immediate and scalable value to the client.