How Mount Street improved their lender reporting and efficiency with PRODA
90%+
time-savings
250+ formats
standardized
38k+ tenants
tracked via PRODA
25k+ assets
managed via PRODA
15+ hours down to <1 hour for processing most complex tenancy schedules
About Mount Street
Mount Street is Europe’s largest third-party loan servicing and credit management firm, with offices across Europe and USA and assets under administration of over €155 bn. Mount Street provides cradle-to-grave services supporting raising capital, credit origination and management, through to distressed asset recovery, primarily in the secured lending space.
The Challenge
Mount Street receives hundreds of tenancy schedules per quarter from borrowers. These are in a multitude of different formats and size. Before PRODA, these were mapped to the firm’s own format before they could be uploaded to their proprietary loan management platform, CreditHub.
While this process was effective, it was time-consuming as it was a semi-automated process but still required considerable human intervention to complete. Mount Street’s goal was to increase the speed and accuracy of managing their tenancy schedules with a more automated solution that would integrate with CreditHub.
The Solution
Mount Street considered other providers to solve these problems, but found their platforms to be ineffective, inefficient or both. On seeing the initial demo of PRODA, Mount Street recognized the value it could bring and found it to be a far superior solution.
PRODA could easily handle different data formats, automatically error-check the data, and track changes. Additionally, data security is at the heart of Mount Street’s operations and they were impressed with the security measures PRODA has in place to protect our data.
The Outcome
PRODA has removed the re-mapping issues that Mount Street experienced when borrowers changed reporting templates, renamed units, added units or changed unit areas, and the firm is now completely format-agnostic. PRODA’s API also seamlessly integrated with CreditHub and eliminated the individual upload process.
With PRODA, the automated management of tenancy schedules has yielded significant time-savings. Processing the most complex tenancy schedules has gone down from 15+ hours to under an hour. This has allowed the team to focus on higher-value tasks.
The level of accuracy has also improved, with the tracked-changes feature making it easier to compare historic and newly provided data. After extensive testing, Mount Street knows it can trust the data that’s processed without having to manually check it.
PRODA has increased the firm’s ability to provide a greater level of detail in client reports, giving the company even more confidence in the tenancy schedule data they manage. Their clients appreciate the improved turnaround times and performance metrics, such as quarter-on-quarter performance summaries, in-depth analysis, and detailed reports.
PRODA has been a game-changer for us. In addition to the time-savings and increased accuracy, it’s also improved the speed and quality of our client reporting by providing us with clean data. This has added an extra layer to the quality of service we provide our clients, which boosts Mount Street’s credibility, competitive edge, and supports business development.
Jim Gott, Senior Director,
EMEA Asset Surveillance CRE, Mount Street
PRODA has helped solve Mount Street’s original issues of mapping, speed and accuracy, improving their operational efficiency and workflows and extending their best-in-class capabilities.
