As the commercial real estate market continues to struggle, it is essential for both investors and borrowers to[IMAGE]
have tools to easily manage their loans. In response to this need, Dallas-based ""Financial Industry Computer Systems, Inc."":https://www.ficsloanware.com/ (FICS), a commercial mortgage technology specialist that provides in-house commercial loan servicing software to the mortgage industry, said it has rewritten its LoanStat service to enhance investors' and borrowers' experiences when viewing real-time commercial loan information online.
""With more borrowers and investors using online communication tools, LoanStat is the perfect resource for commercial servicers to meeting their 24/7 customer service demands,"" said Susan Graham, president of FICS. ""LoanStat helps commercial servicers maintain the level of service their customers have come to expect regardless of whether the customer is a borrower or investor.""
LoanStat is the most recent FICS Web product to be upgraded with newer technology, further strengthening the company's commitment to maintain a healthy mortgage technology product line for its customer base.[COLUMN_BREAK]
To provide a simpler interface for borrowers and investors to review data online and set up electronic payments, the upgrade to LoanStat utilizes Adobe Flex. As a result, navigation through the options is more user-friendly, and features have been simplified for the end user.
Through LoanStat, FICS's commercial servicing customers are able to provide their borrowers and investors with access to their loan data online, and it gives them the ability to provide electronic copies of items such as amortization schedules, escrow analysis, billing statements, escrow activity reports, loan activity reports, and payoff statements. Borrowers are provided with expanded yet simple online payment options, and investors have access to view reports and the associated loan level data needed to evaluate performance.
""The beauty of LoanStat is that it makes loan information immediately available to the borrower at their convenience,"" said Kevin Sullivan, director of servicing for ""Oak Grove Capital"":http://www.oakgrovecap.com/, which uses the LoanStat service. ""It also reduces staffing costs associated with handling these routine information requests.""
Karen Pribnow, EVP and director of servicing for ""NorthMarq Capital"":http://www.northmarq.com/ said by using LoanStat, NorthMarq Capital is able to provide more than 4,000 borrowers with a means to access their accounts and set up payment schedules at their conveniences. As a result, she said the company has experienced reduced call volumes, allowing its employees to offer more efficient service to borrowers.