GCC Servicing Systems projects growth
during financial crisis
Mortgage servicer assists community banks
SOUTHFIELD, MI – November 21, 2008 – As the Federal Deposit Insurance Corp. (FDIC) pushes a proposal for mass home loan modifications for troubled borrowers, GCC Serving Systems, a Southfield-based mortgage servicing provider, is positioned to expand its customer base of community banks.
GCC president Glenn Liebowitz said, “We’re on the front lines of this crisis and see many community banks struggling. The problems are made worse if their servicing departments are limited by their technology and software. Even though their systems do a good job at managing deposit accounts, and consumer and commercial loans, they often have trouble handling many tasks involved with servicing secondary market loans.”
While federal reporting requirements are expected to continue to change during the current crisis, GCC offers community banks a complete systems solution for servicing secondary loans including Freddie Mac, Fannie Mae and Ginnie Mae. If a bank is unable to invest the resources, GCC can install an Intranet throughout the bank which allows the other bank departments to access a customer’s mortgage information and handle simple payments.
GCC is also enhancing loss mitigation and loan modification modules to aid servicers during this crisis. “It’s ironic the most challenging period for the financial community is one of our biggest opportunities for growth due to our systems flexibility and working closely with customers,” said Liebowitz.
About GCC Servicing Systems
GCC Servicing Systems was founded in 1977 as a mortgage service bureau. Known as Glenn Computer Corporation until 2003, GCC Servicing Systems is a mortgage servicing software technology and service provider that cost-effectively automates all aspects of loan servicing and data management. 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 are available 24 hours-a-day, seven days-a-week, 52 weeks-a-year. For more information, visit www.gccservicing.com.
Contact: Alex Cooper, The Cooper Group, at 248-398-2667 or
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