Bank of Boston will automate its newly formed commercial mortgage securitization program, which converts commercial real estate loans into publicly traded securities.
The bank selected a system from McCracken Financial Services Inc., of Bedford, Mass. The system will support the pooling, warehousing, subservicing, master serving, accounting, and asset administration functions. The software will also service the bulk of the commercial and multifamily mortgages in Bank of Boston's portfolio.
Bank of Boston has $3.8 billion in commercial mortgages on the books, with $1.2 billion of that added last year.