Added features to contract modification tool support anticipated “second wave” of requests
(May 28, 2020) Since its launch at the end of March 2020, nearly a dozen Monitor 100 companies including LEAF Capital have taken advantage of speed and simplicity provided by Tamarack Consulting’s Extension-of-Terms Automation Utility (ETAU). In order to increase the value provided by ETAU, Tamarack has expanded the functionality with new features that address not only current needs but also to support the anticipated “second wave” of requests.
“During a time like this, it is critical that lessors can quickly react to changing client needs,” said Daniel Nelson, CEO of Tamarack. “The speed at which modifications can be made has been a ‘game changer’ for many institutions. As we continue to add more features, including processing for second and third forbearance requests, lessors will realize more value from the utility as a customer management and service tool that also protects the lease portfolio performance.”
Designed to assist equipment finance companies (lessors), Tamarack’s ETAU empowers lessors with the tools to quickly automate lease/loan modifications for lessees. According to Nelson, traditional legacy lease management systems typically can only do a few modifications at once and requires manual intervention – making the process labor intensive and time consuming.
Since its introduction, ETAU has been expanded to meet evolving lessor’s needs as well as new guidelines. New or updated features enable:
- Restructuring while maintaining specific economic factors in the transaction;
- Restructuring of Operating Leases in accordance with the guidance outlined by the Federal Accounting Standards Board regarding Topic 842 and 840;
- Reprocessing contracts for additional forbearance requests;
- Restructuring of contracts that have variable payments
- Restructuring to use a payment amount other than zero (this enables customer “touch / loyalty” payments);
- Restructuring to use interest-only payments;
- Automating the extension of blended items; and
Importing contract lists with a specified new payment amount and extension term for each contract.