NorthMarq Capital, Inc. Enhances Commercial Mortgage Servicing Processes with FICS' Radstar
- Monthly mortgage payment statements now available online to more than 2,100 customers -
ORLANDO, February 2, 2004 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced today at the Mortgage Bankers Association Commercial Real Estate Finance/Multifamily Housing Convention & Expo 2004 that Minneapolis-based, NorthMarq Capital, Inc. has purchased and implemented Radstar, FICS' integrated imaging system that automatically stores electronic copies of reports and documents created from the company's commercial mortgage loan servicing system, Commercial Servicer. NorthMarq Capital has utilized Commercial Servicer since 1986 and purchased Radstar in late 2003.
Radstar, when used in conjunction with another FICS product called LoanStat, enables commercial servicing companies' customers to access their loan data online and receive electronic copies of items including payoff statements, escrow analysis and billing statements.
Of greatest interest to NorthMarq Capital's more than 1,100 automated clearinghouse (ACH) customers is the ability to now view, download and print their monthly mortgage payment statements directly through LoanStat, which will eliminate the need for NorthMarq Capital's staff to manually print, fold and distribute hard copies of these statements via mail.
This capability will provide more convenience for NorthMarq Capital's borrowers while also saving the company significant amounts of time and money associated with the traditional, paper-based delivery system. NorthMarq Capital anticipates full delivery of monthly mortgage payment statements to its customers through LoanStat and Radstar by Summer 2004.
"Having our ACH customers receive their statements electronically will greatly streamline our internal processes since we currently spend between six to eight hours per month, on average, printing, folding, envelope stuffing and mailing these statements," said Karen Pribnow, EVP and director of Servicing for the West for NorthMarq Capital. "With Radstar, we hope to have this manual process eliminated completely this year, which will free up our staff to direct more of their time and attention to providing our customers with excellent service."
In addition to streamlining its monthly mortgage statement processes, NorthMarq Capital's staff can also use Radstar to access internal documents, such as complicated commercial mortgage loan reports, to more efficiently manage their operations.
"Because of its established track record with FICS, NorthMarq Capital represents an excellent example of how our technology can provide significant value to a commercial servicing company and continue to do so over the years as our products evolve," said Dawn Gibbs, president of FICS. "By using Radstar in conjunction with LoanStat and Commercial Servicer, NorthMarq Capital is utilizing our tools to the fullest extent of their functionality to manage its servicing in the most effective way possible."
About NorthMarq Capital
NorthMarq Capital, Inc., a national mortgage banking firm headquartered in Minneapolis with 28 regional offices coast-to-coast, provides commercial real estate debt and equity financing and commercial loan servicing. NorthMarq Capital provides more than $6.5 billion in annual transactional volume and services a loan portfolio of more than $21 billion. NorthMarq also provides real estate investment consulting services for public and private clients nationally through its consulting group, NorthMarq Advisors, L.L.C.
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' systems are designed for Microsoft® Windows® with the most recent solutions using .NET framework that include a rich Windows® Presentation Foundation user interface and multi-tiered shareable services. The company also provides innovative document management and web-based capabilities into its full suite of products. Additional information about FICS is available via the company's website at www.FICS.com.