National real estate investment banker NorthMarq Capital Inc. (NorthMarq) is now successfully utilizing Commercial Servicer and LoanStat from Financial Industry Computer Systems Inc. (FICS), a mortgage technology specialist, to eliminate paper-based monthly statements to its borrowers.
Commercial Servicer enables NorthMarq to electronically notify borrowers that their monthly statements are available to view and download in the LoanStat system. According to FICS, by giving borrowers with the ability to access their loan data online and receive electronic copies of items, including amortization schedules, escrow analysis, billing statements, escrow activity report, loan activity report and year-end statements, the system provides significant savings for both lenders and borrowers.
In addition, providing borrowers the ability to electronically access information reduces the need for NorthMarq's staff to manually print, fold and distribute hard copies of these statements. This capability provides more convenience for NorthMarq's borrowers while also saving the company significant amounts of time and money associated with the traditional, paper-based delivery system, the companies add.
Sources: NorthMarq Capital, FICS
