Canada's leading
Loan Monitoring Software
15,000 working capital loans representing over $40 billion in committed capital are regularly monitored and analyzed using Covarity.
TRUSTED BY CANADIAN BANKS
Monitor your loan portfolio with confidence
Leverage our powerful engine for superior calculation efficiency, minimizing errors and accelerating decision-making.
Streamline Data Retrieval
By automatically requesting, collecting, and analyzing financial information, our software provides instantaneous detailed reports per loan and of the portfolio, ultimately improving the client experience..
Get Accurate and Automatic Results
Automate the calculation of the borrowing base and financial covenants by utilizing the data provided by your client. Ensure consistent and accurate calculations across your entire loan portfolio while maintaining flexibility to accommodate highly customized credit agreements."
Leverage Data to Identify Possible Fraud
Automatically identify data discrepancies using data derived from your borrowing base and ratio calculations.
Boosting Efficiency & Accuracy
Driving Better Loan Outcomes
Eliminate manual calculations
Experience faster and more reliable results with automated calculations for borrowing base and financial covenants.
Detect potential instances of fraud
Proactively mitigate risks by identifying and addressing inconsistencies and unusual patterns in borrower data.
Access to real-time data and automated calculations
Deliver better client experiences with real-time data access that enables faster decision-making and improved responsiveness.
Loan monitoring software
Key features
Streamline your loan operations with our platform. Experience increased back office efficiency through automated workflows and seamless data integration across all systems.
Portfolio Reports + Borrower Reports
Easily access key insights about your portfolio with reports that provide an overview at the touch of a button. Compare risk, collateral, and potential fraud occurrences throughout your entire portfolio and ensure compliance of each borrower.
Ratio and Financial Covenant Analysis
Automatically compute your chosen ratios to track a business’s financial health and enforce financial covenants according to the credit agreement. Configure early warning signals to detect potential risk areas.
Margin / Borrowing Base Analysis
Streamline the automation of borrowing base calculations, whether simple or highly complex. Ensure compliance with your financial institution’s policies, while offering flexibility where necessary. From custom certificates to collateral listings, we’ve got you fully supported.
Fraud Checks
Automate the detection of data discrepancies to spot potential fraud or inaccurate reporting from your clients. Set your institution’s tolerance levels for data variations to flag issues of concern without being overwhelmed by the data or extra manual calculations.
Client Portal
Empower your borrowers with Covarity's Client Portal. Transform reporting and document submission into a streamlined, effortless experience for both clients and lenders.
Task Management
Simplify loan review task management with Covarity's Issue Manager. Track, filter, and resolve issues effortlessly, ensuring nothing falls through the cracks.
FAQ
What is loan monitoring software?
Commercial and agricultural loan monitoring software, like Covarity, is built to help financial institutions track, analyze, and manage the performance and compliance of working capital loans and lines of credit.
What should I look for when choosing an LMS?
A good loan monitoring solutions is one that focuses on:
- Improving the efficiency of your existing process
- Reducing your credit risk by identifying potentially fraudulent client reporting
- Improving the relationship with your clients/members
- Ensuring accuracy in your calculations by eliminating human error
- Help financial institutions track, analyze, and manage the performance and compliance of working capital loans and lines of credit.
What sort of data security protocols are in place?
Covarity employs the following:
- Soc II Type 2 Audits
- Static Application Security Testing (SAST)
- Dynamic Application Security Testing (DAST)
- Application Penetration Testing
- Disaster Recovery / BCP Testing
- Data Encryption at Rest and In Transit
- External Network Vulnerability Scanning
- Internal Vulnerability Scanning
- File Integrity Monitoring
- Internal Risk Assessments
- Intrusion Detection and Prevention
- Azure DDoS Protection
- Virus Scanning of Uploaded Files
- Endpoint Protection
Does Covarity integrate with any third-party service providers?
Yes, we integrate with a variety of third-party service providers. Our API provides you with the flexibility you need to integrate data however best suits your operations.
How does loan monitoring software improve the process?
It streamlines processes such as risk assessment, borrowing base or margin calculations, financial reporting, and covenant tracking to ensure timely insights and mitigate potential defaults.
Is Covarity cloud-based?
Yes, nothing needs to be installed on your computers or servers. Your team and clients only need access to a web browser.
Can Covarity be configured to better meet our needs?
Yes, the entire application is highly customizable to best suit your lending processes. Our team will work with yours to ensure that we fully meet your needs.
How can I learn more about Covarity?
You can schedule a demo below or contact us at [email protected]
Interested in trying Covarity?
Schedule a demo and our team will be happy to walk you through the software.