Most mortgage lenders are looking for ways to automate their mortgage servicing operations in order to cut costs, maintain profitability and effectively manage their compliance and reporting to various agencies (e.g., investors, credit reporting agencies and regulators). With Mortgage Servicer, FICS provides clients with the necessary software to accomplish these goals while simultaneously improving the borrower experience.
FICS’ Mortgage Servicer focuses on improving the user experience by building in more automation to make users’ work more efficient and to allow them to adapt a going-green effort appreciated by younger consumers and users. While some of the automation is driven by regulatory changes to help servicers, FICS’ primary objective is to facilitate day-to-day operations and workflow.
The features that make Mortgage Servicer stand out:
- User-friendly: According to one user, “It’s not complicated, there aren’t eight screens for one action. It’s the ease of use for both managerial and the end user.”
- Flexible forbearance functionality: Mortgage Servicer provides servicers flexibility with forbearance, deferment and post-forbearance plans as well as the ability to report the necessary information to investors. The system also offers loss mitigation, modifications, short sales and repayment tracking functionality.
- Exceptional system support: When users call FICS, a receptionist directs them to the appropriate support person. They won’t lose valuable production time waiting for someone to return calls or answer emails.
- Open database: Mortgage Servicer provides the freedom to extract all data for any reason.
- Extraordinary value: Mortgage Servicer is a full servicing system, from loan boarding to payoff and secondary marketing.
- Time-saving: One satisfied customer said, “By using the Mortgage Servicer API to process the end-of-day, it’s cut down from a process that usually took 1-1.5 hours to running in about 15-20 minutes.”
- Cloud hosting: Mortgage Servicer provides the flexibility to choose an in-house or cloud-hosting solution. Either option is an open database with access to extract all the data.
- Security: Security levels can be controlled and customized by providing access rights as responsibilities dictate and users can easily monitor access to the system via built-in security reports.
The license fee for Mortgage Servicer isn’t volume-based. Customers don’t pay per loan or by asset size, so organizations can grow without the fear that their growth may come at a high cost. The functionality and value of the system remain at a stable cost as they grow.
Mortgage Servicer supports agency investor reporting, including Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan Bank, as well as other industry standard and private reporting methods. FICS has more than 35 years of experience with investor reporting to the GSEs.
Used in conjunction with any third-party scheduling tool, the Mortgage Servicer API lets servicers schedule and automate virtually every program, report and interface in the system, such as end-of-day and end-of-month reports, investor reporting and monthly loan statements. The API saves staff time and resources, eliminates after-hours and weekend work, and reduces mistakes caused by human error.
PRODUCT: Mortgage Servicer
SNAPSHOT: FICS’ Mortgage Servicer software automates servicing operations, including payment processing, escrow administration, investor reporting, custodial accounting, imaging, report writing, workflow and more. Mortgage Servicer customers can also offer their borrowers and investors consumer-facing web applications, allowing online access to loan information and documents.