McCracken’s revolutionary software will debut at the 2019 RMA Conference in New Orleans, October 27-29.
BILLERICA, MA • OCTOBER 1st, 2019
Adding to its suite of advanced software for the commercial real estate market, McCracken is releasing a new Insurance Compliance application that allows commercial lenders and servicers to automate their entire insurance tracking and compliance operation with a cloud-based intelligence engine. The new application has been developed and piloted with the help of existing customers on McCracken’s CRE servicing system, Strategy, and is now being released as a standalone SaaS solution.
“Our new Insurance Compliance software creates an entirely new paradigm,” say Frank McCracken, CEO of McCracken Financial Services Corp. “Insurance reviews by commercial lenders, analysts, risk managers and consultants have been done the same way for over 30 years. It’s a slow, costly and high-risk process. But this application changes all of that.”
The core of the software is a cloud-based intelligence engine that instantly compares and monitors commercial insurance policies against risk requirements — generates remedy requests for non-compliant policies — and reminds staff to keep following up until all issues are resolved. It will be available via monthly subscription without a requirement for an annual contract.
Able to handle all commercial real estate coverages including package, standalone and blanket policies, McCracken’s Insurance Compliance application comes pre-loaded with requirements for major underwriters such as Fannie Mae, Freddie Mac and FHA. Regularly updated to keep pace with these continuously changing requirements, the application is also equipped to capture, categorize and relate diverse policy elements including multiple policy interests and loan relationships, while simplifying entry of Acord forms.
“The big-picture significance of this application is really two-fold,” McCracken concludes. “In boom times like we’re currently experiencing, its speed empowers lenders and servicers to automate and process exceptionally high volumes. But when the economy starts to slow, as it inevitably will do at some point, the risk management and cost reduction qualities of the software become even more crucial to protect their investments.”
About McCracken Financial Solutions:
McCracken has led the commercial lending industry for nearly three decades by providing software and services for commercial banks, insurance companies, mortgage bankers and quasi-government agencies. Headquartered in Billerica, MA, its flagship product, Strategy, is the commercial real estate industry’s most trusted and comprehensive servicing solution — facilitating over 100,000 loans with a total value of nearly $2 trillion.
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