SS&C announces new residential loan accounting enhancements to Precision LM™
Cloud-based solution features comprehensive support for residential whole loan accounting
WINDSOR -- SS&C Technologies Holdings, Inc., a global provider of financial services software and software-enabled services, today announced major residential loan accounting enhancements to Precision LM™, the new generation of the company's loan origination and servicing solution. Among its many new enhancements, the cloud-based solution now features comprehensive support for residential whole loan accounting. The new solution will also provide much of the underlying technology platform for SS&C's Residential Whole Loan Accounting services.
"Today's investors in non bank lenders demand confidence that they are getting the full return on their investments," said Tim Reilly, Senior Vice President, SS&C's Institutional and Investment Management. "Many are not satisfied with the accounting information provided by the primary mortgage servicing company. They want independent calculations by a third party with the technology and expertise to provide accurate tracking of every loan in the portfolio. We can provide the confidence they demand."
SS&C provides comprehensive residential loan accounting and shadowing services to independently calculate and verify the accuracy at the loan level of all new and existing loans, including which loans received payment or partial prepayments, were paid off, delinquent, modified, foreclosed, and converted to Real Estate Owned (REO). Once all the loans, including loan specific terms, are entered into the Precision LM system, calculations performed by SS&C's team of experts can easily be compared with the information from the mortgage servicing company. Any discrepancies are immediately flagged and promptly resolved.
With Precision LM, lenders are able to set up discounts with both "accretable" and "non-accretable" components, automate processes such as stop and re-start accruals, deferred revenue recognition, expected cash flow processing, impairment modeling, perform loan modification modeling, and troubled debt restructuring (TDR) classification.