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, has enhanced its commercial mortgage loan servicing system, Commercial Servicer, to accommodate the Commercial Mortgage Securities Association (CMSA) U.S. CMSA Investor Reporting Package (IPR) Version 5.0.
The CMSA IRP consists of data files, supplemental reports and property operating statements that allow participants in a commercial mortgage-backed securities (CMBS) transaction to communicate loan-level data in a standardized format. This information provides for the smooth transfer of information between parties involved in the transaction and further supports the continued growth and transparency of the U.S. CMBS market, according to FICS. Key updates to the latest version of CMSA IRP, which was implemented on Feb. 1., include the clarification of a number of data points and modification to several reports and files.
Enhancements to the Commercial Servicer solution, according to FICS, include changes to the reporting files to provide new data points, as well as enhance or clarify the description of key reporting items; changes to several supplemental reports including financial and asset information to provide an enhanced level of data for comparison; and modified threshold calculations on the watch list tracking program so as to potentially alert servicers to possible cashflow issues more quickly than in the past.