PAM for Mortgages is a client/server-based system that automates the accounting, management and servicing of commercial mortgage assets held by institutional investors. It gives investors accurate, up-to-the-minute information on complex deal structures, with advanced functionality for handling tier loan processing and matrix pricing. PAM for Mortgages offers securitization functionality for the creation of Commercial Mortgage Backed Securities (CMBS) and for monitoring and servicing the underlying collateral. PAM for Mortgages' straight-through-processing capabilities enable clients to track loans over their entire life cycle, from commitment through final disposition. Princeton Financial's Software Development Kit gives clients the ability to extend PAM for Mortgages' functionality to build custom interfaces, screens and reports.
PAM for Mortgages serves a total of 37 institutional investors, representing over US $24 billion in mortgage assets under management. Princeton Financial's new PAM for Mortgages clients include Guardian Life Insurance Co. of America, PPM Finance Inc. and the nation's largest insurer of autos.
New York-based Guardian is the fourth-largest mutual life insurance company in the United States, with $32.4 billion in total assets under management and a $921 million mortgage portfolio. Guardian recently merged with Berkshire Life Insurance Co., an existing PAM for Mortgages client. Guardian chose to go with PAM because Berkshire has had a positive experience with the system. Guardian also felt that PAM's robust functionality and Princeton Financial's high level of client support would help it meet the needs of its growing business.
Chicago-based PPM Finance is the commercial mortgage lending group of PPM America Inc., which in turn is the North American asset management subsidiary of Prudential plc, a top life insurer in the United Kingdom. PPM serves as the investment advisor for Jackson National Life Insurance Co., also a U.S.-based company of Prudential. With total assets under management of $48 billion and a $3.1 billion commercial mortgage portfolio, PPM selected PAM for Mortgages because of its comprehensive functionality. PPM was also attracted to Princeton Financial's approach to client support and its ability to quickly handle PPM's conversion to PAM for Mortgages.
"Commercial mortgage investors need to proactively respond to events that affect their loan portfolios and with PAM for Mortgages, these managers have all of the decision-making information in a single system," said Joseph Daddario, Senior Managing Director of Princeton Financial's Real Estate Group. "The system's superior functionality is underscored by the fact that these leading managers have chosen to place their confidence in it."
Princeton Financial Systems, a wholly owned subsidiary of State Street Corporation, is a leading provider of investment management and accounting systems and ASP services for global institutional investors. Its flagship PAMÂ® investment management systems provide comprehensive STP-ready front-to-back office functionality that can be licensed for in-house use or accessed via the Internet. PAM systems are currently used worldwide by 335 leading insurance companies, mutual funds, investment managers, pension funds, and banks, which manage combined total assets near US $3 trillion. Princeton Financial has offices located in the United States; Windsor, England; Amsterdam; Brussels; Sydney; Singapore and Toronto.