National mortgage lender signs with Alight for what-if scenario analysis and dynamic forecasting.
Alight, Inc., a leading provider of cloud-based applications for real-time, dynamic scenario comparison and analysis, today announced that First Choice Loan Services Inc., a Berkshire Bank Company wholly-owned by publicly-traded Berkshire Hills Bancorp (NYSE: BHLB), has selected Alight Mortgage Lending for continuous reforecasting.
Built from the ground up for mortgage lenders by mortgage industry veterans, Alight Mortgage Lending gives CEOs, firm owners and their teams the ability to see the financial impact of decisions, before they’re made.
First Choice Loan Services, a $2.6B mortgage lender headquartered in New Jersey and acquired by Berkshire Hills Bancorp, Inc., merged with Berkshire Bank in December 2016. “The merger with Berkshire meant we needed more transparency in reporting,” said Ralph Picarillo, EVP/COO of First Choice Loan Services. “Management expects us to have answers to what-if questions to better navigate changing market conditions and manage risk. Alight’s scenario analysis, flow through to financials and reporting capabilities will help us do that.”
Alight connects to the general ledger and pulls data from loan origination systems and capital market providers so that lenders can run forward-looking what-if scenarios to see how different factors—such as a shift in market conditions or a change in operations—will affect net income, cash flow, MSR values, branch performance, staffing and more.
“We are pleased to work with First Choice Loan Services,” said Jared Huff, Managing Director of Financial Services at Alight. “Transitioning to public ownership brings a unique set of challenges as an organization adjusts to new reporting requirements and standards. We are excited to work with the First Choice Loan Services leadership team to refine their reporting and planning capabilities to fit within the framework of Berkshire Bank.”
With Alight, lenders can react quickly to optimize resources. And the application is cloud-based—accessible from anywhere, anytime and from any device—affording management the ability to make decisions in real time, even in changing markets.
About Alight, Inc.
Alight, Inc. is the leading provider of industry-specific, cloud-based applications that give customers the power to see the financial impact of every decision, before they make it. Alight works with firms in mining, mortgage banking and other industries. For more information: alightinc.com.
About First Choice Loan Services Inc.
First Choice Loan Services Inc., a Berkshire Bank Company, is headquartered in East Brunswick, New Jersey. Founded in 2009, the company is licensed to originate and close residential mortgage loans nationwide, excluding Arkansas, Hawaii and New York. With 21 locations across 11 states and close to 500 employees, First Choice Loan Services Inc. offers FHA and VA programs, Jumbo loans, fixed and adjustable rate loans, and refinancing and renovation programs. Berkshire Bank and First Choice Loan Services Inc. are licensed, registered, or exempt from state licensing in the states in which they originate mortgage loans or lines of credit. First Choice Loan Services Inc. is licensed by the N.J. Department of Banking and Insurance. AZ BK #0918586. Loans in AR, HI, NY, and PR are originated by Berkshire Bank. First Choice Loan Services Inc. has no affiliation with First Choice Bank, chartered and located in California. For more information: fcloans.com/.