Applied Business Software (ABS), developer of The Mortgage Office, has announced that U.S. Bancorp Community Development Corporation (USBCDC), St. Louis, Mo., a subsidiary of U.S. Bank, has selected The Mortgage Office as its servicing technology to manage its growing portfolio of New Market Tax Credit related loans. Charity Braden, director of investment fund management and loan servicing for USBCDC, said, "We needed a more robust and flexible loan servicing platform to manage our growing portfolio of New Market Tax Credit (NMTC) loans and 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."
USBCDC finances community development and affordable housing projects through the use of new markets tax credits, historic tax credits, low-income housing tax credits, and investment tax credits in renewable energy. USBCDC is the most active new markets tax credit investor in the country, investing billions of dollars nationwide in hundreds of transactions. These equity investments have provided much needed revitalization and new resources to communities throughout the country. It is a subsidiary of U.S. Bank, the fifth largest commercial bank in the United States, whose parent company is U.S. Bancorp.
"USBCDC found this flexibility with The Mortgage Office software, along with the added bonus of affordability. ABS agreed to develop modifications to their current system in order to address the specific requirements of the NMTC deal structure. This will allow us to better service our own Community Development Entity (CDE), as well as better service and expand its marketable third party services. We couldn't be happier - we've already received the major part of the scoped customizations!"
"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," says Jerry Delgado, president of Applied Business Software (ABS).