CoreVest Partners with SS&C for Automated Loan Servicing and Accounting
SS&C Technologies (Nasdaq: SSNC) announced that CoreVest, a Redwood Trust Company, will implement SS&C's Precision LM™ loan management software.
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Rhea-AI Summary
SS&C Technologies (Nasdaq: SSNC) announced that CoreVest, a Redwood Trust Company, will implement SS&C's Precision LM™ loan management software. This move aims to enhance automation, operational efficiency, and data accessibility while reducing risks associated with loan management. Precision LM supports various complex loan types and automates the entire loan lifecycle. Christopher Hoeffel, CoreVest's President, emphasized the importance of technology investment for scaling their business. The partnership signifies a strategic focus on mortgage REITs and non-bank lenders.
Positive
- CoreVest to implement Precision LM™ software for improved operational efficiency.
- Automation of loan lifecycle processes to enhance data flow and save time.
- Precision LM supports various complex loan types, providing flexibility.
Negative
- None.
Details
News Market Reaction – SSNC
The recorded move for SSNC in the trading session of this news was -0.23%.
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WINDSOR, Conn., July 6, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that CoreVest, a Redwood Trust Company, will implement Precision LM™ loan management software to improve automation and operational efficiency, streamline data access and reporting, and reduce risk.
CoreVest selected Precision LM for its flexibility to support a broad range of complex commercial loan types, including term loans, bridge loans (fixed, floating and adjustable-rate), construction loans, and model home leasing loans. In addition, Precision LM automates the loan lifecycle, from loan onboarding through shadow and real-estate owned (REO) servicing and accounting.
"CoreVest is committed to investing in technology to scale our business and enhance the client experience," said Christopher Hoeffel, President of CoreVest. "SS&C is the leader in this technology and provided us with the tools and expertise to consolidate multiple applications across business units. In addition, automation around our loan accounting and reporting processes will improve data flow and save significant time."
"We are pleased to welcome the leading lender for residential real estate investors to the SS&C family. Mortgage REITs and other non-bank lenders continue to be a strategic focus area," said Dan Pallone, Vice President of Mortgage REIT and Loan Solutions at SS&C Technologies. "SS&C invests in our proven Precision LM platform to deliver the most advanced loan servicing and reporting platform to support our client's business."
About CoreVest
CoreVest is the leading lender to residential real estate investors, nationwide. It offers long-term loans for stabilized rental properties as well as short-term bridge loans, investment credit lines and build for rent programs. With more than
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.
Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com. Follow SS&C on Twitter, LinkedIn and Facebook.
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SOURCE SS&C
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