Listed below are several recent cases in which Invotex professionals provided services to clients in the financial services industry:
- Invotex Group has been engaged to evaluate lease portfolios in support of a bank’s contemplated purchase of a portion of the portfolio. Included in our efforts was the inspection of lease files with the objective of determining the identity of the lessee, the type of lease and what type of equipment was being leased. Additionally, such inspection also documented whether or not documents in support of the lease transaction were contained in the file. Such documents included a copy of the signed lease, incumbency certificates, security/lien (UCC-1) statements, evidence of payment to equipment vendor, evidence of credit reports on lessee and documents assigning the lease to the bank.
- In addition to performing field examinations as part of a bank’s loan evaluation process, Invotex Group has performed collateral management services pursuant to a bank’s monitoring of a medical supply company’s Medicare and non-Medicare sales, inventory and receivables. Included in these services were the daily analysis and reconciliation of the medical supply company’s collateral as compared to its daily line of credit balance. Tracking this information daily allowed the bank to understand the nature and value of the collateral pledged by the company as security to the bank.
- An insurer of lease back receivables hired our consultants to review four portfolios that had been packaged by a commercial bank. The credit insurer had experienced greater-than-forecasted losses on these four portfolios. At the insurer’s request and with the bank’s permission, we reviewed the lease files and servicing to determine that lease income and lease terms were appropriately reported and monitored and that the initial credit decision behind the lease was supported with quality credit information, as required by the agreements between the insurer and the bank. We also reviewed monitoring and collection of delinquent accounts and collection and reporting of residuals paid by lessees. The bank was the intermediary between seven national leasing companies, and its parent was the source of initial funding for the leases. Permanent financing for these leases was obtained through securitizations, the receivables of which were insured by the credit insurer.
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