Aklero Risk Analytics will offer discounted pricing, as well as enhanced delivery options, technology and support, to the member banks of the American Bankers Association’s Business Solutions subsidiary, under a preferred vendor agreement between Fort Washington, Pa.-based Aklero and the Washington-based ABA.
Among other things, “What we are going to be offering to the ABA [is a] benchmarking index,” Brian Fitzpatrick, chief executive officer at Aklero, told this publication.
Aklero’s technology reviews loan files against its custom rules engine for pre- and post-closing quality control reviews. The platform uses a combination of technology and human processes to digitize, classify and index loan documents and data points, which auditors use to run data checks on 850 data points. Problem loans are analyzed more deeply, using the indexed data points and documents.
The agreement makes Aklero the ABA’s exclusive preferred vendor of mortgage quality control services. It is one of 12 vendors with preferred partnerships for various technology and services.
The ABA’s Business Solutions subsidiary is a collective of community banks that use their collective bargaining power to prenegotiate business agreements with vendors. The ABA said its members that did business with at least one of the preferred vendors benefited from an average saving of $50,000 in 2010.
“We believe the quality control services and loan quality management platform offered by Aklero uniquely distinguish the firm from its competition,” said Bill Kroll, president of Business Solutions, in a press statement. “We’re excited that our members now have the ability to access these services at very competitive prices.”
— Bonnie Sinnock contributed to this story
