Case Studies

Gershman Mortgage Simplifies Ginnie Mae Reporting with FICS®' Commercial Servicer® Software

FICS® Customer since 2002

Gershman Mortgage, an independent mortgage company in St. Louis, maintains a commercial real estate (CRE) portfolio of more than $1 billion, primarily focused in multi-family housing. Gershman’s large portfolio puts the lender in a tier that requires more in-depth reporting and accountability to Ginnie Mae.

Gershman Mortgage has relied on FICS’ commercial loan servicing software, Commercial Servicer®, to manage their portfolio of CRE loans since 2002. The system’s many advanced features include detailed asset and financial tracking, complete escrow administration, detailed investor reporting and accounting, delinquency and collection management, customized report generation and more. Gershman also began utilizing FICS’ Commercial Accountant® module in order to automate the movement of funds from a payment clearing account into appropriate P&I and T&I custodial accounts and company accounts as well as track the P&I and T&I advances and recovery of advances. 

“Commercial Servicer is very easy to use,” said Pamela Wegner, senior accountant for Gershman Mortgage. “We use all of the reports daily, and it is a comfort knowing that we are always compliant with investor requirements.”

Wegner added that Commercial Servicer’s robust features have helped Gershman manage its large portfolio with its existing staff. 

Simplifying the Preparation of Ginnie Mae Exams

Gershman Mortgage participates in Ginnie Mae’s Mortgage-Backed Securities (MBS) guarantee program. As a result, the company is subject to regular audits that examine the soundness of the loans being underwritten and the performance of the loans in their portfolio.

“Ginnie Mae has very precise requirements for the loans and securities issued under its program,” Wegner said. “They have very little tolerance for error, and if our books are off by even a penny, it affects funding and audit results.”

Wegner added that Ginnie Mae also revises its program guidelines regularly, making it difficult to keep up with the changes manually. 

“FICS ensures that Commercial Servicer is compliant with Ginnie Mae reporting standards,” Wegner explained. “The loan servicing software is up-to-date and it takes away the burden of changing our workflow every time there is a change to the program guidelines.”

Gershman Mortgage recently completed a Ginnie Mae audit, and Wegner said that the use of FICS’ Commercial Servicer software made preparing the reports easier and quicker. 

“We were able to use the reports directly from the system,” Wegner said. “There was no need to export the data into a database and manipulate it. We just selected the reports we needed.”

Wegner said the time and energy saved is invaluable. “It would be almost impossible to prepare these reports manually,” she said. “Commercial Servicer, with the Commercial Accountant module, ensures our books are balanced daily, and our investor reports contain all the information needed to balance the books.”

FICS’ ongoing support has also been a key factor in Gershman’s long-term success with Commercial Servicer.

“The key to our successful partnership with FICS is a combination of strong functionality from their software and outstanding service,” Wegner said. “FICS is on top of industry updates and changes, and their customer service staff is always available, and capable, of helping us with any issue or question we have.”

About Gershman Mortgage

Founded more than 55 years ago, Gershman Mortgage has established a reputation for unsurpassed service and expertise in residential and commercial financing. Gershman is the oldest independent mortgage company in St. Louis and has grown into one of the largest in Missouri. For more information, visit the company’s website at www.gershman.com.

About FICS

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.

Drop us a line!

Use our contact form or call us 972.458.8583