One Commercial Loan Servicing Software System, Many Types of Users
The importance of diversification when investing in financial markets is critical to the long-term success of your investment portfolio. The same holds true when developing a very specific software application to perform very specific tasks in the commercial loan lending space. Software must be diversified and extremely flexible to appeal to a wide range of lenders.
Although commercial lenders have many things in common, they also differ in their type of institution. Banks, mortgage bankers, private/hard money lenders, credit unions, life insurance companies, conduits/CMBS lenders, REITs, CDFIs, pension funds, housing agencies, and government agencies all provide commercial real estate financing in one form or another.
The types and terms of the loans can be just as diversified as the types of lenders. The software requirements for automating each type of lenders’ commercial servicing operation can vary as widely as the types of commercial loans found. Each lender has its own unique investor accounting requirements, as well as escrow administration requirements, financial tracking, asset tracking, borrower tracking, etc. Numerous automation tools are required to become as efficient as possible in order to mitigate the lender’s risk.
Commercial loan servicing is a high-touch, hands-on industry due to the dollar volumes of the loans. Closing the deal is only the beginning in this complex and competitive industry. Servicers must use every technological advantage at their disposal in order to earn and retain the loyalty of their borrowers and investors.
FICS® sets out to develop the most comprehensive, yet cost-effective and easiest to use commercial loan servicing software system in the industry. Our 30+ years of continued development has enabled FICS to develop an extremely flexible commercial loan servicing software system capable of handling the unique requirements of each type of lender. Based on our efforts to continuously expand the functionality of Commercial Servicer® to meet the diverse commercial lending space, we’re proud to say that FICS has clients that span every type of lender.