First American International Bank selects
GCC Servicing Systems
Bank implements automated loan servicing
SOUTHFIELD, MI – January 15, 2010 – First American International Bank (FAIB), a commercial bank serving New York City’s Chinese-American community, selected and successfully implemented GCC Servicing Systems’ loan servicing platform for consumer mortgages, real estate, home equity and commercial loans.
David Chin, FAIB Vice President, said, “Since we specialize in Fannie Mae loans and GCC has excellent experience with those loans, GCC was a good match for our needs. Their reporting capabilities and flexibility are also very important for our growing bank.”
GCC’s servicing platform -- called G/SERV -- automated all FAIB loan functions including loan set-up, cash management and regulatory reporting.
GCC President, Glenn Liebowitz, said, “FAIB serves one of NYC’s fastest growing markets so G/SERV’s scalability will help the bank’s future growth needs.” New York City’s Chinese population is the largest Asian group in the city with over 446,000 people, according to a 2009 estimate by the Asian American Federation.
“We were very pleased with GCC’s support staff and responsiveness to successfully implementing G/SERV on December 1st,” said Chin.
About First American International Bank
Since opening in November, 1999, First American International Bank (FAIB) has become a leading commercial bank serving the Chinese-American community in New York City. With nine branches and four loan centers in Brooklyn, Manhattan and Queens, FAIB’s primary mission is to help develop the communities’ basic economy by stimulating financial growth and promoting investment and job creation. Headquartered in Sunset Park, Brooklyn, FAIB offers a full array of consumer and business financial products. The bank had total assets of $615 million with $517 million in net loans and $512 million in total deposits on June 30, 2009.
FAIB is a New York State chartered commercial bank with deposits insured by the Federal Deposit Insurance Corporation (FDIC). The bank has been certified as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department. It is also a Fannie Mae Seller-Servicer and an approved SBA Lender. FAIB offers a full array of consumer and business financial products such as checking and saving accounts, Certificate of Deposits (CD’s), commercial real estate and construction loans, consumer mortgages and home equity loans, credit cards, Letter of Credit and branch services such as ATM’s, safe deposit boxes and domestic and international wire transfers. It also offers on line banking to consumers and businesses.
About GCC Servicing Systems
GCC Servicing Systems is a mortgage servicing software technology and service provider that cost-effectively automates all aspects of loan servicing and data management. The company was founded in 1977 as a mortgage service bureau and was known as Glenn Computer Corporation until 2003. Today, GCC Servicing Systems customers include mortgage servicing departments of banks, credit unions and mortgage companies with 500 to one million loans. Based in Southfield, Michigan, the company’s mortgage servicing solutions, superior customer support and cutting-edge technology – G/SERV--are available 24 hours-a-day, seven days- a-week, 52 weeks-a-year. For more information, visit www.GCCServicing.com.
Media Contact: Alex Cooper, The Cooper Group, 248-398-2667,
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