Carver Federal Savings Bank (Carver), a certified minority depository institution (MDI), has signed an agreement with Moody’s Analytics to increase its loan production to its client base.
Under the agreement, Carver will deploy Moody’s Analytics’ CreditLens solutions and enable customers to apply for credit through a one-click process.
The lender plans to roll out the CreditLens platform for its business customers in early next year along with a full suite of small business loan offerings.
The tie-up is expected to improve the loan application and credit-risk assessment process for retail customers as well.
Carver president and CEO Michael Pugh said: “With the addition of Moody’s Analytics CreditLens platform, Carver is taking a major step forward with its investment and commitment to technology to streamline the loan application process for our customers.
“The Moody’s Analytics team has gone above and beyond to assist the Carver team in integrating this cutting-edge technology so that we can make faster and better-informed lending decisions on behalf of our customers.”
Founded in 1948, the lender primarily serves minority and women business entrepreneurs.
Moody’s managing director and chief of staff to the CEO Tameka Alsop said: “In an effort to help address inequalities, we are working to effect positive change in diverse communities by engaging with Minority Depository Institutions like Carver.
“Through providing our expertise and CreditLens solution to Carver, we hope to support their work in diverse low- to moderate-income communities and ultimately help bring greater financial opportunities to Harlem and the communities that Carver serves.”