Princeton bags two new clients

Princeton bags two new clients

Princeton Financial Systems has licensed its commercial mortgages software solution, PAM for Mortgages, to US insurers Guardian Life Insurance and PPM Finance.

PAM for Mortgages is a client/server-based system that automates the accounting, management and servicing of commercial mortgage assets held by institutional investors. Clients can track loans over their entire life cycle, from commitment through to final disposition. The vendor's software development kit gives clients the ability to extend PAM for Mortgages' functionality to build custom interfaces, screens and reports.

New York-based Guardian is the fourth-largest mutual life insurance company in the United States, with $32.4 billion in total assets under management and a $921 million mortgage portfolio. Guardian chose to go with Princeton based on recommendation from Berkshire Life Insurance Co. - an existing PAM client - who it has recently merged with.

Chicago-based PPM Finance is the commercial mortgage lending group of PPM America - the North American asset management subsidiary of UK life insurer Prudential. With total assets under management of $48 billion and a $3.1 billion commercial mortgage portfolio, PPM says it selected PAM for Mortgages because of its comprehensive functionality, client support and its ability to quickly handle PPM's conversion to the new system.

Joseph Daddario, senior managing director of Princeton Financial's real estate group, says: "Commercial mortgage investors need to proactively respond to events that affect their loan portfolios and with PAM for Mortgages, these managers have all of the decision-making information in a single system."

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