BNY Asset Solutions, a Subsidiary of the Bank of New York, Announces Enhanced Full Scale Loan Servicing Technologies.Business/Technology Editors NEW YORK--(BUSINESS WIRE)--Aug. 21, 2001 The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. announced today that its asset servicing subsidiary, BNY BNY Bank of New York Asset Solutions LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , has added SS&C Technologies' (Nasdaq: SSNC SSNC Swedish Society for Nature Conservation (Stockholm, Sweden) SSNC Signaling System Network Control SSNC Status, Entity Data Not Consistent (Alcatel) ) LMS 2000(TM) loan servicing technology platform to its existing technology offerings. With the transition expected to be completed during the third quarter of 2001, the LMS 2000 will create additional capacity and facilitate the performance of commercial real estate servicing tasks, such as investor reporting and Schedule B reporting. The system will also offer simple interest loan processing capabilities, a platform for BNY Asset Solutions to pursue additional outsourcing opportunities with insurance company and bank loan portfolios, and the latest in vendor-supported Commercial Mortgage Servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. Association (CMSA CMSA abbr. Consolidated Metropolitan Statistical Area ) reporting. LMS 2000 integrates all aspects of the loan management process, including interfacing with the Internet. It also offers a Windows 32-bit local client/server system while leveraging the reporting power of Microsoft SQL Server A relational DBMS from Microsoft that is a major component of the Windows Server System. It is Microsoft's high-end client/server database and is closely integrated with Microsoft Visual Studio and the Microsoft Office System. (TM). As a leading third-party servicer, BNY Asset Solutions is committed to providing the latest commercial asset servicing technologies. In addition to LMS 2000, the company offers innovative technologies for commercial loan, debt and bond obligations, administrative agent, life settlements and asset-backed securities portfolios. "Our organization strives to offer the most flexible and innovative technology available today," said Todd Moore, president, BNY Asset Solutions. "As a vendor-supported reporting system, SS&C's LMS 2000 system complements our existing technologies, while meeting our current needs and providing the flexibility needed for future product development." BNY Asset Solutions provides administrative and operational support to the commercial mortgage and asset-backed lending markets from origination through securitization, and administrative agent services to the syndicated loan market. BNY Asset Solutions provides master, primary, special and back-up servicing on more than $16 billion in assets. The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank. It is the principal subsidiary of The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK), a financial holding company. With over $76 billion in total assets as of June 30, 2001, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. |
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