Frank McCracken, CEO
The commercial real estate lending and servicing space is document and process-intensive. The myriad of information pertaining to loan servicing and administration is vast—including; loan documents such as promissory notes, mortgages, escrow agreements to name a few— brings forth the need for a technology-enabled lending and servicing operation that facilitates a streamlined, and consistent management of the rights and obligations of the borrower while protecting the interests of the investor and lender.
To this end, for the past 30 years, McCracken Financial Solutions has developed its cloud-based solutions to host and enable more accurate visibility into the entire commercial lending system. “Our system holds an enormous amount of data with over 180,000 commercial loans valued at over 2 trillion dollars. We cater to 70 percent of the commercial real estate debt, as monitored by the Mortgage Bankers Association, thus including servicers, banks as well as life insurance companies under our canopy,” begins Frank McCracken, the CEO of McCracken Financial Solutions.
Three key players exist in the commercial real estate lending space: the lender, the servicer, and the borrower, and maintaining coherence between all these three of these entities can prove to be challenging. Traditionally, all of the pertinent loan information is managed manually and retained in siloed spreadsheets. This proves inefficient, time-consuming, confusing, and leaves all stakeholders uncertain about the relevance of the information while increasing exposure to risk.
Catering to the simultaneous needs of lenders, borrowers, investors, and servicers, McCracken Financial Solutions offers its comprehensive flagship solution, Strategy, that helps customers automate all aspects of commercial loan management via a single system and improves productivity while reducing risk.
We cater to 70 percent of the commercial real estate debt as monitored by the Mortgage Bankers Association, which includes banks,life insurance companies and quasi-government agencies
Being the most trusted and extensive servicing solution that is purpose-built for the commercial real estate lending space, the system includes an intelligence engine for proactive portfolio monitoring, workflow, accounting, reporting, and communication tools. McCracken also offers two stand-alone software solutions. Born from the high-cost and complexity of managing commercial real estate insurance, McCracken’s Insurance Compliance Solution reduces risk, cost, and time by automating the insurance compliance operation by allowing banks to upload, compare and monitor insurance documentation and compare them with risk requirements within seconds. In addition, McCracken’s BuildRite helps companies with commercial construction loan management by providing total visibility of all construction loans in on central location, allowing each user to save upwards of 260 hours a year of manual work in spreadsheets.
Apart from software, one of the key differentiators about McCracken Financial Solutions is the fact that its customer support is not outsourced owing to the criticality about the value of data in the real estate lending space, where it is vital to get immediate response and assistance to any issues that clients may face. They also have a team of consultants who all originate from the commercial real estate lending and servicing space that provide first-hand industry experience and knowledge for their customers.
With its widespread clientele and innovative solutions, McCracken has built a longstanding reputation that has allowed them to retain customers for an average of 18 years. The company is now investing in emerging technologies like AI to explore opportunities and identify issues related to debt mortgages and lending. It is also exploring widening their client base by expanding its software functionality and enhancements for other industry verticals to deliver solutions to those beyond the commercial real estate world.