Swapping Servicing Systems
Most servicers stick with their core system. Changing isn't something that's often done. It's too long and difficult a process. But market conditions are prompting some servicers to look harder at their existing technology and yes, change it in some cases.
For example, First American International Bank, a commercial bank serving New York City's Chinese-American community, selected and successfully implemented GCC Servicing Systems' loan servicing platform for consumer mortgages, real estate, home equity and commercial loans.
David Chin, FAIB vice president, said, "Since we specialize in Fannie Mae loans and GCC has excellent experience with those loans, GCC was a good match for our needs. Their reporting capabilities and flexibility are also very important for our growing bank." GCC's servicing platform - called G/SERV - automated all FAIB loan functions including loan set-up, cash management and regulatory reporting.
GCC President, Glenn Liebowitz, said, "FAIB serves one of NYC's fastest growing markets so G/SERV's scalability will help the bank's future growth needs." New York City's Chinese population is the largest Asian group in the city with over 446,000 people, according to a 2009 estimate by the Asian American Federation.