Roundup: Midland Plans Push for Its Commercial Technology
Midland Loan Services has gone live with its Web-based Enterprise! loan management system.
Over $90 billion in commercial real estate loans currently is being serviced on the Enterprise! platform and Midland and several other client financial institutions.
Midland is rolling out the Enterprise! platform for widespread use this year, and recently featured the technology as an exhibitor at the MBA Commercial Real Estate Finance conference.
Enterprise! offers significant advantages to help clients streamline their servicing operations and better manage their loan portfolios, Midland said. The company claims that its system, which competes with other applications for servicing commercial real estate loans, is the first Web-based platform designed to manage the entire commercial mortgage lifecycle, from loan origination through securitization, servicing and portfolio management.
Images and reports can be stored and accessed in a paperless environment, the company said.
"Enterprise! is our major advancement in commercial mortgage technology," said Tim Mazzetti, executive vice president of Midland. "Our ability to provide a fully integrated life-of-loan platform specifically developed for the commercial mortgage finance industry will help our clients reduce their overall servicing costs, raise productivity and enhance risk management."
The Web-based technology is delivered via a secure, hosted basis as "shared servicing," Midland's comprehensive servicing solution that allows clients to outsource some servicing functions on a private-label basis to Midland while retaining other functions.
Midland Loan Services here is a third-party provider of servicing and technology for the commercial real estate finance industry. A member of the PNC Financial Services Group, Midland serviced approximately $83 billion at the end of 2003.
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