NYSTRS, with $68.2 billion in total assets under management, licensed ePAMSM for Mortgages, Princeton Financial's application hosting service for PAM for Mortgages. As an ASP (Application Service Provider), Princeton Financial houses the data, provides remote access, and performs all of the necessary data center activities for clients' PAM databases.
PAM for Mortgages automates the accounting, management, and servicing of commercial mortgage assets, including complex deal structures such as adjustables, tiered loans, workout structures, and multiple investors. It offers securitization functionality for the creation of commercial mortgage-backed securities, as well as for monitoring and servicing the underlying collateral. Its straight-through-processing capabilities enable investors to track loans over their entire life cycle, from commitment through final disposition.
NYSTRS, one of the 10 largest public retirement systems of its kind in the nation, will use ePAM for Mortgages to manage and account for its $3 billion portfolio in conventional commercial mortgage assets. The Albany, NY-based public pension fund for public school educators in the state chose ePAM for Mortgages for its flexibility, giving NYSTRS the ability to continue to use the software over the web or bring it in-house if that option is appropriate in the future. Princeton Financial's relationship as a wholly owned subsidiary of State Street Corporation, the world's leading specialist in meeting the needs of sophisticated global investors and the nation's leading provider of services to public funds, was also cited as another critical factor in NYSTRS decision.
"With the web-based delivery of ePAM for Mortgages, NYSTRS was able to ease the burden on its Information Services professionals, who are involved in several key projects. However, if the fund's needs change in the future and it becomes advantageous to maintain the software by its own systems professionals, the transition will be easy to make. That's one of the many benefits of this service model," said Joe Daddario, Senior Managing Director of Princeton Financial's Real Estate Group. "In addition to the product features that appealed to NYSTRS, they were very comfortable with the level of our security, backup, data center, and disaster recovery procedures. And it was important to them that Princeton Financial is an experienced vendor with people who have worked for the company for a number of years."
Susan Stewart (USA)