Skip to main content

U.S. Bank Subsidiary Selects New Mortgage Servicing Technology

NationalMortgageProfessional.com
Aug 02, 2011

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).
Published
Aug 02, 2011
Crypto-Craze In The Mortgage Industry

'It’s time to tell the Emperor he has no clothes.'

Industry News
Jan 24, 2022
What Millennials Want from the Homebuying Process

Research backs the need for education and technology in creating the kind of efficient, customer-focused homebuying experience younger consumers expect.

Analysis and Data
Jan 24, 2022
Ross Mortgage Makes Three Leadership Promotions

Ross Mortgage Corporation's president, Tim Pascarella, announced three leadership promotions within the company.

Community
Jan 24, 2022
Rising Mortgage Rates Could Propel Buyers To Purchase Homes Sooner

First American Financial Corporation published its Nov. 2021 First American Real Estate House Price Index, which found that rising mortgage rates may have a strong effect on prospective buyers.

Analysis and Data
Jan 24, 2022
PenFed CU Sees Record Annual Mortgage Lending Volume

PenFed Credit Union announced it's financial highlights from 2021 which includes record annual mortgage lending volume.

Industry News
Jan 21, 2022
Angel Oak Lending Platform Reveals Record-Setting 2021

Last year was a record-setting year for many companies in the mortgage lending space, especially for the Angel Oak lending platform that consists of Angel Oak Mortgage Solutions and Angel Oak Home Loans.

Non-QM
Jan 21, 2022