Add ""U.S. Bancorp Community Development Corporation"":http://www.usbank.com/cgi_w/cfm/commercial_business/products_and_services/financing/tax_credit.cfm?redirect=cdc to the list of financial institutions choosing to enhance technology solutions within its mortgage division.[IMAGE]
""Applied Business Software (ABS)"":http://www.themortgageoffice.com/ recently announced that U.S. Bancorp CDC is utilizing its servicing management platform, The Mortgage Office.
ABS noted in a company statement that U.S. Bancorp CDC intends to use The Mortgage Office to facilitate the servicing of its load of new market tax credit related loans.[COLUMN_BREAK]
Commenting on the new technology initiative, U.S. Bancorp CDC's director of investment fund management and loan servicing, Charity Braden, said, ""We needed a more robust and flexible loan servicing platform... to replace the multitude of individual spreadsheets used to track loan activity and subsequent cash distributions.
Another goal was to be able to track upper-tier leverage loans within the NMTC structure and to streamline the internal accounting processes related to all of these loans on one system, thereby eliminating duplicative work. USBCDD found this flexibility with The Mortgage Office software, along with the added bonus of affordability.""
Responding to the addition of U.S. Bancorp CDC to ABS' client roster, the company's president, Jerry Delgado, said, ""We are pleased to add them to our growing family of customers, and I have no doubt The Mortgage Office will help them service their portfolio of loans and manage their investment base more efficiently and with greater profitability.""
U.S. Bancorp CDC specialized in the financing of communities and affordable housing via its new markets tax credits, while ABS is an established developer and provider of software systems for the mortgage industry.
The relationship between U.S. Bancorp CDC and ABS is a positive move for both entities, as each facilitates collective needs for the companies in today's marketplace.