Rishabh uses Monarch during the underwriting process for new transactions in order to determine credit worthiness. Document transactions and due diligence items from prospects are filed in various formats such as Excel, PDF and text. Data from varied sources can be hard to make a credit decision if there is no consistent format, and there would also be a lot of manual data entry- but Monarch remedies these pain points. Wells Fargo can now extract data from a variety of sources and transform it into a consistent workflow.
my name is Rashad Malik and I work for Wells Fargo Capital Finance. I’m based out of Denver, Colorado, and my job title is a ABL Underwriter. I’m responsible for in my organization is to underwrite new transactions, um, determine their credit worthiness, and um, document, uh, the transaction for the regulators. So in the underwriting process, when we receive our documents and due diligence items from our, uh, potential borrowers, our prospects, um, the files can be sent to us in, in vari-, uh, in a, in a, varied format. Sometimes text files, sometimes Excel, sometimes PDFs. Um, so it, it’s just very critical for us to be able to take that material and extract the information, uh, and then transform it to something that is consistent. Uh, and then, and then load into our memorandums. obviously, as you can imagine, having varied information, uh, it could, it could be difficult, [00:01:30] um, to, to try and sit there and, and make a credit decision if you have to spend half your time trying to figure out the format, trying to figure out, um, if you know, something is in thousands, or millions, or is the, is the whole number. Since I have been at Wells Fargo I’ve always had Monarch. Uh, it would be very (laughs) manual. I think it would be a lot of Excel work. Um, it might even be manual data entry, to be honest. I think in the absence of a tool such as Monarch, our lives would incredibly more difficult (laughs). if the technology exists, then there’s no reason that we should be spending the man hours, uh, or the labor behind it, um, t- to do the same process.