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FICS Updates LOS to Simplify HDMA Reporting

Financial Industry Computer Systems, Inc. (FICS to most of us), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology, said today that it has enhanced Home Mortgage Disclosure Act (HMDA) reporting features in its residential mortgage loan origination system (LOS), Loan Producer. The HMDA reporting feature enables mortgage professionals using Loan Producer to more easily comply with HMDA requirements by eliminating extra steps required to prepare the Loan Application Register (LAR), HMDA's required format for submission to federal financial regulatory agencies. Loan Producer also now makes HMDA related data available in one, more centralized location within the system, eliminating the need to scour the system for needed information. The HMDA requires lenders to report certain information on the loans they have funded once per year; this data has as of late been scoured by industry and consumer groups, with many claiming it shows evidence of predatory lending to minority communities. Worse yet, gathering all of the data needed to comply with HDMA has traditionally been a pain for most lenders -- and in particular smaller lending institutions. "Utilizing the HMDA feature within the Loan Producer system has enabled our mortgage lending department to be more efficient in gathering information for and preparing documents to comply with HMDA requirements," said Bonnie B. Douty, business analyst for Think Mutual Bank. "The enhancements enable us to have all HMDA information available in one location, with all errors easily identified and highlighted until corrected. This not only saves a tremendous amount of time, but eliminates reporting errors and allows us to easily make necessary changes as requirements dictate." For more information, visit

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