TORONTO, ON and VANCOUVER, BC – Central 1 Credit Union (Central 1) and RPS Real Property Solutions, a leading provider of Canadian residential real estate valuation and business intelligence, today announce that Central 1 has selected RPS as the residential real estate data provider for its IFRS 9 National Reporting & Analytics Platform available now for Canadian credit unions.
Peter Liao, Central 1’s AVP, Special Projects says, “After extensive analysis and testing, we determined that the RPS House Price Index provided the broad, deep, and detailed house price trend information necessary to meet our credit union clients’ unique needs and their new IFRS 9 reporting requirements.”
Central 1’s IFRS 9 National Reporting & Analytics Platform enables credit unions to meet their IFRS 9 reporting requirements for reporting periods beginning January 1, 2018. It also provides valuable added tools and intelligence, which allow credit unions to make better business decisions regarding their loan portfolios, proactively manage the levers that drive their expected credit loss, and customize their data to be more reflective of their specific market or loan types.
Through Central 1’s IFRS 9 platform, credit unions can calculate their expected credit loss provisioning numbers by leveraging the House Price Index data through RPS, which is the same comprehensive residential real estate insights available to major lenders, mortgage insurers, and other industry stakeholders.
The RPS House Price Index provides house price trend information across six property styles and for over 2,500 geographies, 1,000 cities and towns, and 1,500 neighbourhoods from coast to coast. By providing this information for highly specific housing segments and geographies, the RPS House Price Index enables more localized, precise, and in-depth analyses.
“Central 1 is a leading provider and trusted partner that understands the unique needs of credit unions. With its scale and expertise, Central 1 is able to develop and deliver innovative products and services that create meaningful value for the Canadian credit union network,” says James MacQueen, Executive Vice President of RPS. “RPS is excited to be the real estate data provider to credit unions through this relationship with Central 1 and its IFRS 9 National Reporting & Analytics Platform.”
More information about Central 1’s IFRS 9 National Reporting & Analytics Platform is available at central1.com/ifrs9 and about the RPS House Price Index at https://www.rpsrealsolutions.com/solutions/data-and-analytics/house-price-index.
RPS Real Property Solutions is a leading Canadian provider of outsourced appraisal management, mortgage-related services and real estate business intelligence to financial institutions, real estate professionals and consumers. The company’s expertise in network management and real estate valuation, together with its innovative technologies and services, has established RPS as the trusted source for residential real estate valuation services.
RPS is wholly owned by Brookfield Business Partners L.P., a public company with majority ownership by Brookfield Asset Management Inc. Brookfield Business Partners L.P. is Brookfield’s flagship public company for its business services and industrial operations of its private equity group, which is co-listed on the New York and Toronto stock exchanges under the symbol BBU and BBU.UN. Brookfield Asset Management Inc. is a Canadian company with more than a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Brookfield is co-listed on the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A and BAMA, respectively. More information is available at www.rpsrealsolutions.com.
With offices in Vancouver, Mississauga and Toronto, Central 1 holds on balance sheet approximately $17.7 billion in assets. We provide wholesale financial products, trust services, payment processing solutions and direct banking services to almost 300 credit unions and institutional clients from coast to coast.
In addition, Central 1 is the primary liquidity manager, payments provider and trade association for our 42 member credit unions in British Columbia and 70 Ontario member credit unions. Our members represent a consumer-oriented, full-service retail financial system that collectively serves 3.3 million members and holds more than $121.6 billion in assets. For more information, visit central1.com.
Yvonne von Jena
Head, Innovation & Marketing
RPS Real Property Solutions
Member & External Communications Manager
Central 1 Credit Union