TCAM announced the expansion of the services it provides to affordable housing lenders. In November 2018, TCAM became part of MRI Software, a global leader in real estate software and comprehensive solutions for the affordable housing industry. Together, TCAM and MRI can now offer cutting-edge services to state and local government agencies and financial institutions that provide single-family and multifamily loans including subordinate (“cash flow” contingent) loan portfolios to the affordable housing industry.
Solutions from TCAM and MRI are uniquely equipped to help agencies and banks service subordinate, cash flow, and deferred payment loans as well as loans with periodic required payments. Affordable housing loans require specialized expertise to ensure that neither too little nor too much payment is collected, and that monies collected are credited in accordance with customized loan terms. Moreover, the TCAM/MRI team understands the special considerations for lenders in administration of affordable housing debt, as the sources of funds, the authorizing legislation, and the relationships with senior lenders can place additional compliance or administrative constraints on the debt administrator.
TCAM’s expertise in loan servicing arises from the company’s longstanding leadership in affordable housing asset management. TCAM has assisted more than a dozen large public agencies nationwide with subordinate loan administration, helping them to minimize delinquencies, maximize collections, monitor compliance, analyze portfolio performance, and design and implement new lending programs. TCAM’s clients have portfolios of single-family and multifamily loans supporting Low-Income Housing Tax Credit properties as well as gap financing programs including several Housing Trust Funds, federal HOME and CDBG funds, Affordable Housing Program (AHP) funds from the Federal Home Loan Bank (FHLB) system and a range of local programs. MRI similarly has extensive experience providing debt and compliance management software to capital providers in the affordable housing industry, including state and local lenders. With MRI’s technological capabilities and TCAM’s expansive experience with housing programs and subordinate loan portfolios, the team is uniquely equipped to administer and service debt portfolios with non-standard repayment terms.
TCAM provides services to clients for 1,677 properties comprising 176,837 apartment units in 47 states, Washington, D.C., and Puerto Rico, representing in excess of $5 billion of client capital. TCAM is owned by MRI Software (http://mrisoftware.com). MRI provides a range of software solutions for stakeholders across the real estate industry. MRI currently provides data management services for over 21,000 affordable properties consisting of 1.77 million apartment units and over $67 billion in client capital.