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Lending & Credit Risk

A CUSO perspective: How lending software helps improve customer experience

Adaptable software for a unique organization

Cooperative Business Services (CBS) was founded over 20 years ago as a commercial lending operations center for credit unions to cost-share and collaborate in the origination, underwriting, closing, participation, and servicing of commercial loans. Like many credit union service organizations (CUSOs), most of its loans are participated or syndicated. As CBS grows and expands its products and services, vendor relationships and creating efficiencies are increasingly important to delivering continued profitability.

When CBS executive management initially looked for software to streamline loan processes, the primary hurdle was finding one that would fit their unique CUSO needs and budget. They needed software that would allow them to report on individual loans and provide reporting oversight for their credit unions, boards, auditors, and examiners. CBS was also looking for software that worked with their Fiserv Premier core, allowing them to create their processes for CUSO-specific functions. 

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Abrigo's staff assisted CBS in configuring the
software to report at the lead and participant level —
something very important in our reporting requirements with our clients and not something other software companies
offered.
Lorain Cooper, Chief Risk Officer, CBS.

Why Abrigo?

CBS needed software to incorporate all of its services into an easy-to-use program across departmental lines. They chose Abrigo's lending and credit software to help manage transactions, build workflows, and monitor covenants and ticklers for each loan. CBS chose Abrigo for its price point and flexibility.

"Abrigo not only fulfilled our need, they worked with us on integration and growing into our modules," said Lorain Cooper, Chief Risk Officer of CBS. "Abrigo's staff assisted CBS in configuring the software to report at the lead and participant level — something very important in our reporting requirements with our clients and not something other software companies offered."

Enhancing the experience for CUSOs and their customers

Another important factor when choosing Abrigo was that the credit analysis module provided the financial analysis in a similar format that CBS's clients were used to, allowing for an easier transition into the new system. In addition, the ability to send communications through the software requesting financials and tax returns and a secure upload feature with a tax return reader created efficiencies throughout the portfolio management process by reducing overhead, postage, and reporting expenses.

As we continue our growth, we appreciate the synergies and new products that Abrigo offers and feel that their company and vision
align with ours.
Lorain Cooper, Chief Risk Officer, CBS

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