NorthMarq Capital Eliminates Paper Statements with FICS' Solutions
CHICAGO, May 13, 2008– Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced at MBA's Commercial/Multifamily Servicing and Technology Conference that Minneapolis-based NorthMarq Capital, Inc. (NorthMarq) is successfully utilizing its commercial mortgage loan servicing system, Commercial Servicer, its electronic imaging and document management system, Radstar and its consumer based web application system, LoanStat, to eliminate paper-based monthly statements to its borrowers.
Commercial Servicer enables NorthMarq to electronically notify borrowers that their monthly statements are available to view and download in the LoanStat system. Providing borrowers with the ability to access their loan data online and receive electronic copies of items including amortization schedules, escrow analysis, billing statements, escrow activity report, loan activity report and year-end statements, provides significant savings in terms of time and money for both lenders and borrowers.
NorthMarq, one of the largest, national, privately-held commercial real estate investment banking firms, currently services more than $36 billion in loans. Providing borrowers the ability to electronically access information reduces the need for NorthMarq's staff to manually print, fold and distribute hard copies of these statements. This capability provides more convenience for NorthMarq's borrowers while also saving the company significant amounts of time and money associated with the traditional, paper-based delivery system.
“FICS provides NorthMarq with a competitive advantage that fully meets the growing technology needs of our borrowers,” said Karen Pribnow, Executive Vice President and Director of Servicing for NorthMarq. “With low initial investment and minimal maintenance, we are able to provide our borrowers with a means to access their accounts at their convenience. Since implementing the technology, we have experienced reduced call volumes, a result of offering more efficient service to our borrowers."
“NorthMarq's successful addition of LoanStat to their technology platform represents an excellent example of how the evolution of FICS' products continues to add significant value to a lender's loan servicing solution,” said Susan Graham, president of FICS. “NorthMarq's decision to provide borrower statements online is indicative of their long term commitment to reduce the amount of paper utilized in their work environment.
NorthMarq Capital, Inc., is a national real estate investment banker headquartered in Minneapolis with 28 regional offices coast-to-coast, providing commercial real estate debt and equity financing and commercial loan servicing. NorthMarq Capital provides more than $13 billion in annual production volume and services a loan portfolio of more than $36 billion. NorthMarq also has divisions that provide real estate services such as brokerage and property management in Minneapolis, and investment sales and consulting services for public and private clients nationally. NorthMarq Corporate Solutions works nationally with mid-sized corporate users to manage their real estate needs. For more information, please visit the company's Web site at www.northmarq.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.