Princeton, NJ USA (April 14, 2003) -- Thornburg Mortgage, Inc., a single-family residential mortgage lender with $10.5 billion in assets, has licensed the PAM® portfolio management and accounting system from Princeton Financial® Systems. Thornburg Mortgage chose PAM for its specialized capabilities and ease of use.
Santa Fe, NM-based Thornburg Mortgage originates, acquires, and retains investments in high credit quality adjustable and variable rate mortgage assets, thereby providing capital to the single-family residential housing market.
Thornburg Mortgage has licensed PAMâ for Securities, a flagship PAM product. Thornburg Mortgage also licensed an add-on product, the Import Module, for importing market, transaction, and security master file data.
Thornburg Mortgage switched to PAM because of its mortgage functionality, ledger controls, and accounting capabilities, especially in meeting the requirements of Financial Accounting Standard 133. This rule from FASB (the Financial Accounting Standards Board) governs income recognition and disclosure for hedges, requiring precise instrument definition and sophisticated accounting logic.
"We have a very specialized portfolio and PAM's coverage of these complex instruments will be beneficial," said Jane Starrett, Vice President and Controller of Thornburg Mortgage. "PAM also has a very friendly accounting reporting style, which will facilitate reporting under FASB 133 as well as other standards. We were looking for a more sophisticated system that would give us the functionality and service that we need as we continue to grow, and we believe PAM will do that."
"PAM's proven strengths in handling complex instruments and meeting accounting requirements help give Thornburg Mortgage the critical tools it needs for future growth," said Lorne Whitmore, Managing Director of Global Sales. "These capabilities are also fueling PAM's growth beyond its core client base toward more specialized asset managers such as portfolio lenders and hedge funds."