Companies Partner, Develop Cloud-Based Mortgage Valuation Software

""Level1Loans"":http://www.l1loans.com/ and ""IntraPrise Solutions, Inc."":http://www.intraprise.com/, announced a new joint venture to provide cloud-based mortgage valuation and other financial modeling software to owners and managers of mortgage and mortgage-related assets.

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The newly formed Florida-based company, named ""Level1Analytics"":https://level1analytics.com/level1analytics/login.aspx, is led by Level1Loans' Dr. Thomas J. Healy, CMB, and IntraPrise Solutions' Jeff Van Voorhis. Level1Loans and IntraPrise each hold 50 percent ownership of the venture.

""We created Level1Analytics to meet a need that hasn't been addressed in the financial services industry: an affordable easy to use in-house capability that provides accurate mortgage and mortgage servicing valuation and modeling that banks and others can defend with confidence when regulators start asking tough questions,"" Healy said.

Previously, institutions had to rely on ""cumbersome and time consuming do-it-yourself analysis"" or expensive consultants, he explained.

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The company's first product is L1-MSR, a first-of-its-kind, cloud-based software that provides mortgage lending and insurance companies with the do-it-yourself capabilities to value and stress test their mortgage servicing rights (MSR). Users can rely on market-tested variables (which are updated monthly to reflect the latest prepay speeds and assumptions) or plug in their own. By uploading loan level portfolio into the Level1Analytics secure platform, these analyses can be completed at a much faster rate.

The software is licensed to individual institutions on a monthly basis.

""L1-MSR is technology that is fast and easy to use and doesn't require an army of people or capabilities to generate accurate, consistent and transparent MSR valuations,"" Voorhis said. ""L1-MSR will greatly improve bottom-line accuracy as well as efficiency for institutions that today may be making these calculations using spreadsheets or other cumbersome software.""

One early adopter of L1-MSR is ""1st Source Bank"":https://www.1stsource.com/ of South Bend, Indiana, a financial institution with nearly $4.5 billion in assets and 75 banking centers across the state. It also operates 22 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Management Locations, and eight 1st Source Insurance offices.

""Level1Analytics brings us in-house capabilities that we previously didn't have. We can now run reports with confidence on our own time for quarterly reporting to regulators or when we have a question about our portfolios,"" said Pam Green, accounting manager at 1st Source. ""It allows us to know with precision exactly what the value of our Mortgage Servicing Rights are at any point in time, and it's extremely easy to use.""