247 Lender is a CU*Answers-owned decision model that allows credit unions to provide automated approvals 24 hours a day, 7 days a week. To offer this service, the West Michigan-based CUSO partnered with the Portfolio Defense Consulting Group, a recognized expert in consumer credit risk management and modelling.

Using data from booked credit union loans, Portfolio Defense works with CU*Answers to develop a custom savant model that is based on an actual sampling of varying sized credit union loans. Two separate sets of configurable filters have been added to the model. The first feature is a set of evaluations of key underwriting ratios and determines the path for the loan application. The second feature can be used to evaluate collateral details and returns recommendation to the lending officer. Streamlining processes and improved decision making is critical as demand intensifies to minimize credit risk.

CU*Answers continues to seek out partnerships that offer tools for credit unions to optimize procedures and add efficiencies to their day to day processes while minimizing risk.