Version 2.0 introduces multiple new user experience and functional enhancements across servicing, accounting, reporting and regulatory compliance
SS&C Technologies Holdings, Inc. (Nasdaq:SSNC), a global provider of financial services software and software-enabled services, today announced the availability of Precision LM™ 2.0, the latest version of the company's loan servicing and accounting solution. The new version offers a number of usability, functionality, performance, and efficiency benefits.
Precision LM v2.0 gives users the performance, flexibility, and automation to handle the operational and accounting challenges surrounding complex commercial and residential loans. This includes the generation of amortization schedules and cash flows based on loan terms covering a wide variety of loan types, the ability to set up multiple accounting and impairment policies and connect them to different loan pools or portfolios, and accounting for discount and premium items related to loans and amortization of these deferred revenue items.
Precision LM v2.0 automates key business processes for investors in performing, non-performing, and re-performing residential whole loans, including Troubled Debt Restructuring (TDR) and Real Estate Owned (REO). The new release also offers expanded support for multifamily lenders, including automated generation and transmission of required reporting to various GSE websites (Fannie Mae, Freddie Mac, HUD/Ginnie Mae, etc.). v2.0 is compliant with IFRS 9 - including tracking loans by IFRS 9 category fair value through profit and loss, fair value through OCI and amortized cost, as well as tracking expected credit impairments through changes in the allowance for loan losses. Improved multi-currency support gives users the ability to enter, process, and report on business and accounting tasks in an unlimited number of foreign currencies.
Precision LM v2.0 technology enhancements include the continued upgrade and migration of key areas of the system to .NET. This has resulted in streamlining business processes and improved efficiencies, along with advanced portfolio analytics capabilities. In addition, a new, configurable user interface with consolidation of screens has been deployed throughout the system to streamline navigation and make research easier.
J. Timothy Reilly, SS&C's Senior Vice President and General Manager, Institutional and Investment Management stated, "We are extremely focused on rolling out new functionality in Precision LM to our continually growing client base in order to enhance the software at the right speed for our existing clients, while continuing to remain ahead of the competition."
A comprehensive and flexible global loan management solution, Precision LM's integrated and comprehensive design eliminates inefficient, disparate systems and delivers immediate, accurate information across loan operations. The logical, user-friendly workflow provides intuitive processing throughout all phases of the loan life cycle.
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