ARCS Commercial Mortgage Goes Live With North Shore Systems All in One Package
ARCS Commercial Mortgage, the country’s largest Fannie Mae DUS lender, chose the software application from North Shore Systems (NSS). With ARCS’ North Shore integration, they are now using North Shore’s web-based commercial real estate lending system. This system allows them to originate over $3 billion of multifamily loans a year.
Why ARCS Chose North Shore Systems
Additionally, over 80 originators, analysts, and processors will soon access the system online via the web. The system will be available across the company’s seven nationwide offices.
Streamlining Loan Origination with North Shore Systems
Underwriters use the loan information captured by the system for side-by-side comparisons of the different loan programs for determining the best execution of the deal.
The system automatically generates all documents, including loan closing documents. This process occurs without any additional support. Ultimately, ARCS’ North Shore integration has resulted in a 25% decrease in the time it takes to generate a loan. Also, it has significantly reduced the cost of origination.
Integrating with Fannie Mae and Loan Servicing Systems
North Shore also has developed an interface with Fannie Mae systems for the electronic submission of the loan’s MCODES … another huge use of resources benefit.
Also, an interface with the company’s loan servicing system from McCracken Financial Services, so loans can be boarded automatically from the North Shore system with minimal or no manual intervention. Consequently, these interfaces greatly reduce both the time and errors associated with manually transferring this information.
Reducing Costs and Increasing Efficiency
Besides decreasing the cost of generating a loan, ARCS will be using North Shore’s portfolio reporting capability to manage their business and determine where best to concentrate their efforts.
Executive Endorsement of the System
Tim White, ARCS EVP, sums it up this way: “We are on a mission to improve our processing times and eliminate double entry of data throughout our organization. The North Shore system is a critical component of our strategy. We believe the North Shore system will allow us to integrate our processes in ways not possible just a few years ago, and we expect that timeliness and efficiency will be significantly improved once the system is fully operating within our organization.”
North Shore's Advanced Technology Platform
Brian McCracken, North Shore president, explained that “the company’s web-based software release provides all the features and benefits of its existing client server system, with the added benefit of thin client, making it easier to implement, administrate and access.” The features he refers to include integrated underwriting, for maximum efficiency gain, and intelligent document design, generation, and management.
In summary, ARCS’ North Shore integration significantly enhances their operational efficiency and positions them for future growth in the multifamily lending market.
