Largo Real Estate Advisors Implements FICS' Commercial Loan Servicing Software to Manage CRE Portfolio
DALLAS, March 31, 2011 – Needing a platform that could automate the servicing of their portfolio of commercial real estate loans, Largo Real Estate Advisors, Inc. implemented Financial Industry Computer Systems, Inc’s. (FICS) Commercial Servicer. FICS is a mortgage technology specialist that provides commercial loan servicing software.
Commercial Servicer automates the servicing of commercial loans and provides detailed asset and financial tracking, complete escrow administration, detailed investor reporting and accounting, delinquency and collection management and customized report generation.
Based in Getzville, N.Y., Largo Real Estate Advisors manages a portfolio of 300 commercial loans. Largo selected FICS’ Commercial Servicer due to the system’s ability to service all of their loans in one system. Largo previously used a system that enforced a loan limit prohibiting the company from entering numerous loans in the system and resulted in using separate spreadsheets for tracking the full portfolio.
“The most important factor is that FICS’ Commercial Servicer provides us an affordable and secure platform for managing all of the loans in our portfolio,” said Jordan Mikula, vice president of Loan Administration for Largo Real Estate Advisors. “Commercial Servicer enables us to focus on new growth opportunities because our staff is able to enhance efficiency by servicing more loans at a faster pace.”
FICS’ Commercial Servicer enhances security by servicing all loans in one platform, eliminating the number of files and locations where sensitive loan information is stored. The system also increases the ability for staff to handle multiple loans efficiently and reduces the amount of time spent completing tasks.
Mikula also noted that the service provided by FICS has been a key factor in Largo’s satisfaction with Commercial Servicer. “The customer service and support we receive from FICS has been outstanding,” she said. “Every time we call, we are able to get a person on the phone, and they are readily available to walk us through any question until the issue is resolved.”
“Providing a secure platform that can accommodate a sizeable number of loans allows companies such as Largo Real Estate Advisors to expand their loan portfolio and maintain an affordable servicing solution,” said Susan Graham, president of FICS. “FICS’ Commercial Servicer easily supports a large portfolio and incorporates the automation required to efficiently service the portfolio.”
About The Largo Group of Companies
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term. For more information, visit www.largocapital.com.
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.