Treasury Bank Adds Seller Access Features to CARD
Treasury Bank, a subsidiary of Countrywide Financial Corp., has added seller access features to Custody Analytic Reporting Delivery, its Web-based reporting system for document custody clients.
CARD, which was launched a year ago, provides clients with access to important customer and seller/servicer data, such as document delivery, file reviews, exceptions and releases.
"The addition of seller access to our industry-leading Web reporting capabilities enables us to make our customers' collateral processes more efficient and their portfolio execution strategies more flexible," said Holly Holland, executive vice president, document custody services at Treasury Bank. "When it comes to meeting the needs of our clients, we push the boundaries and go well beyond the traditional service levels associated with document custody providers."
She said that adding seller access to CARD "is a service that differentiates us from our competitors, and we intend to add other services to our document custody capabilities in the near future to continue to add value to our clients' businesses."
A seller working with Treasury Bank clients can log on to the system and review collateral documents associated with their specific transactions and loans. This gives sellers and Treasury Bank's clients at financial firms an enhanced ability to make decisions. It also can expedite the acquisition or sales process, which is critical to profitable loan portfolio strategies including asset securitization, servicing, funding and trading, Treasury Bank said.
Treasury Bank said the CARD system is updated every hour, providing nearly real-time updates. The technology avoids making sellers wait to receive daily reports from the purchaser or custodian.
The Treasury Bank Document Custody Group processes approximately 20,000 loans per day depending on origi-nation/acquisition volumes. The group acts as a complete collateral agent, handling all of the physical side of document custody so that clients can focus on their primary goals - loan securitization, funding, purchasing and trading.
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