New Investor Accounting Technology From GCC Servicing Systems
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SOUTHFIELD — GCC Servicing Systems, a provider of mortgage servicing technology, announced the availability of its investor accounting and reporting component through the company’s professional services suite.
The investor accounting and reporting component enables servicers to meet the accounting and reporting requirements of Fannie Mae, Freddie Mac, FHA and Rural Development loans and includes agency default reporting. GCC said its professional services team works with each servicer to establish the needed data requirements and customize the functionality, such as for independent investors.
By offering the product through its professional services suite, GCC enables servicers to utilize the benefits of the investor accounting and reporting module without licensing the entire G/SERV loan servicing platform. Servicers can enhance the functionality of their loan servicing system of record without incurring the cost and effort of a conversion. GCC receives the necessary data through a data feed from the servicers system of record, runs the data through and manages the accounting and reporting of the data directly to the agencies. All finalized reports are available through a Web-based portal.
Camden, Maine-based Camden National Bank uses GCC’s investor accounting and reporting services specifically for its portfolio of Rural Development loans and the necessary quarterly reporting to the Department of Agriculture.
“Our loans are serviced through our banking platform which lacks the capability needed to accommodate reporting requirements,” said Bernard Predham, Camden National Bank. “GCC provides us with the reporting capabilities we need while allowing us to work with the system we already have. This gives us more functionality for our money and helps us meet the requirements of Rural Development loans.”
“In this market, it is necessary for technology providers to be flexible and work around the needs of the servicer,” said Glenn Liebowitz, president of GCC. “Through our professional services suite, GCC has found a way to provide servicers with the best of our technology, while not forcing them into a system conversion in this down market.”
GCC Servicing Systems is a mortgage servicing software technology and service provider that cost-effectively automates all aspects of loan servicing and data management. The company was founded in 1977 as a mortgage service bureau and was known as Glenn Computer Corp. until 2003. Today, GCC Servicing Systems customers include mortgage servicing departments of banks, credit unions and mortgage companies with 500 to one million loans.
More at www.gccservicing.com.