DALLAS, TX - Minneapolis-based NorthMarq Capital, one of the nation's largest privately held commercial real estate banking firms, has been named a finalist for Servicer of the Year for the 2009 Mortgage Technology Magazine Awards. NorthMarq Capital was named a finalist for its innovative use of technology to optimize the servicing of commercial mortgage loans.
According to the publication, the Servicer of the Year award honors "the servicer that best uses technology to ensure effective communications with borrowers, attorneys and lenders, and has enabled the optimal servicing of mortgage loans as a result."
NorthMarq Capital has long relied on commercial servicing technology from Dallas-based, Financial Industry Computer Systems (FICS). The most recent systems implemented by NorthMarq Capital were FICS' RADSTAR, an integrated imaging system that saves time, space and money by electronically storing reports and documents, and LoanStat, an online tool for borrowers and investors to access their commercial mortgage loan information 24/7. The combination of FICS' Commercial Servicer, RADSTAR and LoanStat has enabled NorthMarq to move toward a paperless servicing organization and expand communication channels with its customers.
"Through the use of FICS' technology, borrowers can view their commercial mortgage loan information via our Web site and access electronic copies of billing statements and yearend documents," said Karen Pribnow, NorthMarq Capital's executive vice president and director of Servicing for the West. "We have redefined how our customers – both borrowers and investors – access information in a more efficient way using FICS' innovative technology."
To assist with the reporting necessary for investors and borrowers, NorthMarq Capital uses SQL Server Reporting Services (SSRS), a server-based report generation software system from Microsoft. The company also utilizes an internal imaging system, DocUVault, and a business process management system, Metastorm BPM®, to maximize internal efficiencies, reduce paper and work with customers. The four main systems in NorthMarq Capital's servicing department share data, enabling employees to enter loan data one time to populate all systems. One common database of loan information reduces errors, cuts down on opportunities for fraud and saves the servicing department tremendous amounts of data entry time.
"Because of its established track record with FICS, NorthMarq Capital represents an excellent example of how our technology can provide significant value to a commercial servicing company and continue to do so over the years as our products evolve," said Susan Graham, president of FICS. "By using RADSTAR in conjunction with LoanStat and Commercial Servicer, NorthMarq Capital is utilizing our tools to the fullest extent of their functionality to manage its servicing in the most effective way possible."
NorthMarq offers a full range of commercial real estate solutions from its headquarters in Minneapolis, Minn. NorthMarq Capital offers commercial real estate investment banking, investment services, real estate debt and equity financing, and commercial loan servicing in 32 offices coast-to-coast, with an average of $10 billion in annual production volume and services a loan portfolio of more than $37 billion. NorthMarq also provides brokerage, property management and corporate solutions to investors, corporations and occupiers.
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' solutions are designed around the latest in Windows-based technology, while incorporating innovative document management and Web-based capabilities into its full suite of products.
Source: FICS