Data Select Announces Construction Loan System Enhancements.CHICAGO--(BUSINESS WIRE)--Oct. 15, 1998-- Data Select Systems Inc. and GuarantyBank develop borrowing base functionality for CLCS CLCS Checkout and Launch Control System CLCS Carolina Lure Coursing Society (North Carolina) CLCS Current Logic, Current Switching CLCS Closed-Loop Control System CLCS Colchicine Sensitivity CLCS Construction Loan Control System III Data Select Systems Inc., a Westlake Village, Calif.-based company, has announced enhancements to its Construction Loan Control System (CLCS III). Data Select will demonstrate the new capabilities of the construction loan software system at the Mortgage Bankers Association of America annual convention, Oct. 18-20, in Chicago. The enhancements include a borrowing-base function that enables construction-industry borrowers to draw against the aggregate collateral value of their projects. Borrowers also have the flexibility to draw funds through a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility involving multiple construction projects and multiple units. The new system capabilities result from the collaborative efforts of Data Select and its customer GuarantyBank of Dallas. GuarantyBank will be the first bank to use these new capabilities when it converts its final portfolio to CLCS III on Oct. 31. "The new CLCS capabilities have resulted in a fabulous cash-flow tool for our home builder customers," said Linda Bryant, manager of Residential Construction Loan Support for GuarantyBank. "They can borrow on an as-needed basis without having to forecast weeks in advance." GuarantyBank looked to replace its in-house construction loan system in July 1997 with a system that was Y2K compliant Capable of correctly processing any data that deals with a date beyond the year 1999. See Y2K problem. and could handle additional servicing functions needed after GuarantyBank acquired Stockton Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. in 1997. The CLCS III system was very close to meeting their needs, but the bank wanted an integrated borrowing-base capability in the system. "Unlike most vendors, Data Select was willing to work with us to develop the borrowing base and other functions," said Robert Johnson Robert Johnson may refer to:
Data Select's President and Chief Executive Officer Philip C. Freeman said the partnership was fortuitous because his company wanted to expand the borrowing-base capabilities of CLCS III, but it needed a customer with expertise in large-scale construction lending to help define the key parameters. GuarantyBank was a perfect fit. "Developing a borrowing-base enhancement of this proportion was quite an endeavor," Freeman said. "We wanted the system to stand the test of a big commercial lender with all types of construction loans. By working with GuarantyBank, we were able to test the enhancements through a wide range of construction-lending scenarios." Through the enhanced CLCS III, GuarantyBank will have an overall servicing system that can handle critical functions in construction loans. "CLCS III is an all-encompassing system that can accommodate the very small, individual, voucher-style customer, all the way to the large, sophisticated participation on national credits with rate options," Bryant noted. "Data Select did an excellent job of interpreting our needs. More importantly, they continue to be responsive and flexible in meeting all of our expectations." For Data Select, the new capabilities will help expand the market for an already popular system. "We have an integrated capability that will be particularly appealing to large lenders," Freeman said. "In fact, we already have several customers requesting installation of the enhancements." About Data Select Systems Inc. Founded in 1982 by Philip C. Freeman, Data Select Systems Inc. provides the only totally integrated solution for commercial real estate loan operations within the global banking industry. The company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , CLCS III, offers construction and 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. modules, with interfaces to commercial loan accounting, general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. , ACH, DDA DDA Disability Discrimination Act (1995, UK) DDA Downtown Development Authority DDA Doha Development Agenda DDA Delhi Development Authority DDA Department for Disarmament Affairs DDA Demand Deposit Account DDA Domain Defined Attribute , CIF (1) (Common Intermediate Format) A standard video format used in videoconferencing. CIF formats are defined by their resolution, and standards both above and below the original resolution have been established. The original CIF is also known as Full CIF (FCIF). , loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and wire transfer systems. Data Select licenses its system to commercial banks, thrifts, mortgage banking companies, credit corporations, pension fund administrators and government agencies. The company has 230 installations, including 27 of the top 100 U.S. banks, 19 of the top 100 thrifts and 12 of the top 100 banks in the world. The CLCS system services an estimated $170 billion in U.S. construction loans, representing about 20 percent of the U.S. industry's total. Data Select has strategic partnerships with IBM Global Services IBM Global Services is the world's largest business and technology services provider. It is the fastest growing part of IBM, with over 190,000 professionals serving customers in more than 160 countries. , The International Union for Housing Finance, and ORDEN S.A. , for expansion into Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . For more information on Data Select Systems Inc., contact Philip C. Freeman, president and chief executive officer, (805) 446-2090, or write to Data Select Systems, Inc., 2829 Townsgate Road, Suite 300, Westlake Village, CA 91361. About GuarantyBank Guaranty Federal Bank F.S.B. operates more than 130 banking centers in Texas and California. Owned by Diboll, Texas-based Temple-Inland Inc., GuarantyBank is one of the largest financial institutions operating in Texas, with more than $10 billion in assets. Temple-Inland Inc., a Fortune 400 company with interests in paper, packaging and building products, has been in the financial services business for more than 30 years. Temple-Inland has made a strong commitment to the banking industry with the acquisition of more than 20 financial institutions in the past five years. Temple-Inland's stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and the Pacific Stock Exchange under the symbol TIN. |
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