NorthMarq Capital shreds paper statements with FICS

Mortgage Banking,  July, 2008  

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Dallas-based Financial Industry Computer Systems Inc. (FICS[R])-- a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry-- announced that Minneapolis-based NorthMarq Capital Inc. has successfully utilized FICS' products and services to eliminate paper-based monthly statements to its borrowers.

Among the FICS products deployed are its commercial mortgage loan servicing system, Commercial Servicer[R]; its electronic imaging and document management system, Radstar; and its consumer-based Web application system, LoanStat[R].

Commercial Servicer enables NorthMarq to electronically notify borrowers that their monthly statements are available to view and download in the LoanStat system, according to Susan Graham, president of FICS.

"NorthMarq's successful addition of LoanStat to their technology platform represents an excellent example of how the evolution of FICS' products continues to add significant value to a lender's loan servicing solution," said Graham. "NorthMarq's decision to provide borrower statements online is indicative of their long-term commitment to reduce the amount of paper utilized in their work environment."

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. As a result, 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, explained Karen Pribnow, executive vice president and director of servicing for NorthMarq.

"FICS provides NorthMarq with a competitive advantage that fully meets the growing technology needs of our borrowers," said Pribnow. "With low initial investment and minimal maintenance, we are able to provide our borrowers with a means to access their accounts at their convenience. Since implementing the technology, we have experienced reduced call volumes, a result of offering more efficient service to our borrowers."

NorthMarq, one of the largest, national, privately held commercial real estate investment banking firms, currently services more than $36 billion in loans, according to the company.

COPYRIGHT 2008 Mortgage Bankers Association of America
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