Situs Expands CECL Offer to Full-Scope Credit Risk Modeling Solutions, Integrates MountainView’s CECL Expertise
NEW YORK AND DENVER, May 8, 2018 – Situs, the premier provider of strategic business and technology solutions to the real estate and financial services industries, today announced that it has successfully integrated MountainView Financial Solutions’ (MountainView) CECL modeling capabilities. The enhanced offering, known as CECL Credit Risk Modeling Solutions, provides financial institutions with all the key components essential to meeting current expected credit loss (CECL) guidelines issued by the Financial Accounting Standards Board (FASB).
The company’s CECL Credit Risk Modeling Solutions provide clients with an all-encompassing and proactive solution to evaluate and plan for the potential impact that the new accounting standard will have on a lender’s balance sheet, business strategy and risk management programs. The full solution expands from comprehensive historical data remediation and quality control best practices to model development, validation, implementation and governance support.
“The MountainView acquisition allows our shared clients to streamline all CECL requirements from data management through model optimization,” said Ed Robertson, Managing Director, Situs Advisory. “By addressing the full CECL value chain, we help our clients bridge gaps among data lineage, modeling and validation, while minimizing errors in handoffs that may occur when using multiple vendor partners.”
In February 2018, Situs acquired MountainView, a leading provider of financial services analytics and advisory, with the long-term objective of augmenting its existing service offerings with valuable risk insights and services.
“The CECL environment we strive to create for our clients is one that is both comprehensive and specific,” said Jeff Prelle, head of risk modeling at MountainView. “Our CECL solution not only supports institutions at any stage of their data journey, but it applies tailored modeling based on institution-specific requirements to produce forecasts that will estimate the expected loss over the life of each loan. This ensures clients meet their deadlines and documentation requirements while getting strong model solutions to mature with CECL beyond 2020.”
Situs’ acquisition of MountainView embeds the company further into financial services risk management and analytics. MountainView has an extensive record of delivering a wide range of financial model validations including allowance for loan and lease losses (ALLL). The company also delivers analyses on core deposits and provides stress-testing services.
Situs (www.situs.com) is a global provider of strategic business and technology solutions to the real estate and finance industries. Situs has been involved in more than $1 trillion of real estate debt and equity deals across the U.S., Europe and Asia, and has acquired a number of platforms. In 2012, Situs acquired Deutsche Bank’s European Servicing operations and became one of the largest third-party loan servicers in Europe; and Hatfield & Phillips, the largest non-performing loan and CMBS Special Servicer in Europe in 2016. Situs’ acquisition in 2017 of The Collingwood Group, a Washington, DC, advisory firm focused on residential housing finance, expanded Situs’ offer in the residential market, and was bolstered by the 2018 acquisition of MountainView Financial Solutions, an industry-leading valuation and risk analytics solutions provider for the financial services sector.
Situs is a rated primary and special servicer with Moody’s, Fitch and Morningstar, has more than $165 billion (€137 billion) of assets under management and is ranked a top 20 commercial loan servicers in multiple categories by the Mortgage Bankers Association. In 2016, Situs received a second consecutive “Advisor of the Year” award from Real Estate Finance & Investment magazine, and the “Capital Advisor Firm of the Year” award from Property Investor Europe. In 2017, the firm won the “Industry Contributor of the Year” award from Real Estate Finance & Investment magazine.
ABOUT MOUNTAINVIEW FINANCIAL SOLUTIONS, A SITUS COMPANY
MountainView Financial Solutions (www.mviewfs.com), a leading advisor to the financial services industry, delivers rigorous and objective analysis, data-driven insights and client-centric services that help business leaders Climb Higher™ by better identifying, quantifying and managing credit and interest rate risk exposure and optimizing balance sheet management. Fueled by deep industry knowledge and unparalleled access to valuable market and industry data, MountainView delivers a more holistic view of risk and opportunity that enables clients to make informed and confident decisions. Specific services the company offers include financial model validations, model development, and asset valuations for residential whole loans, consumer loans, residential mortgage servicing rights (MSR) and asset-backed securities, MSR hedge advisory, core deposit analyses, stress testing, and asset sale transaction advisory. Built upon nearly three decades of risk management experience, MountainView currently serves more than 600 active clients in banking, insurance, lending, servicing and secondary market and securitization. Situs acquired MountainView Financial Solutions in January 2018.