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 the various agencies. FICS provides clients with the necessary software to accomplish these goals while simultaneously improving the borrower experience.
FICS provides residential and commercial mortgage servicing software with Mortgage Servicer and Commercial Servicer, for lenders, banks, credit unions, housing agencies and niche lenders. Both software systems support agency investor reporting including Fannie Mae, Freddie Mac and Ginnie Mae, as well as other industry standard and private reporting methods.
About 29% of all the Ginnie Mae-approved servicers use FICS’ Commercial Servicer system. Of all of FICS’ Mortgage Servicer customers, 40% are approved Fannie Mae servicers, and 17% are Freddie Mac servicers.
Both software systems are able to meet the specific needs of both small and large companies and automate the following servicing operations:
- ΕPayment processing
- ΕEscrow administration
- ΕInvestor reporting
- ΕCustodial accounting
- ΕReport writing
Used in conjunction with an automation or scheduling tool, Mortgage Servicer API and Commercial Servicer API allow unattended execution of programs such as end-of-day and end-of-month reports, investor close out, monthly loan statements and bank/credit union core interfaces. The APIs save time and resources, eliminate after-hours and weekend work, and reduce mistakes caused by human error.
“When you automate mortgage servicing operations with Mortgage Servicer or Commercial Servicer, you will save money through a low initial investment, nominal monthly support and maintenance fee, paperless servicing, real-time processing and enhanced productivity,” said Susan Graham, president/COO at FICS.
The consumer-facing web applications for Mortgage Servicer and Commercial Servicer give borrowers and investors complete online access to loan information and documents, meeting consumer expectations for quick, convenient transactions and reducing the time staff spends answering the phone. Borrowers have immediate, real-time access to up-to-date loan information as payments are posted and data is updated. Borrowers can view statements and notices as soon as they are generated in the servicing systems.
“For more than three decades, FICS has delivered exceptional automation, performance, system support and value,” Graham said. “We provide the most cost-effective, efficient, flexible software solutions on the market today.”
“We are committed to providing system enhancements that are of value to our customers. At our annual Users’ Conference, customers vote on potential system enhancements based on their own needs,” Graham said. “We implement the highest-ranked enhancements based on their votes and also develop new functionality in response to users’ feedback throughout the year. Our servicing systems and web applications are modified to keep up with regulatory changes and are constantly evolving to provide a better user experience for servicers and consumers.”
“As the mortgage industry evolves and more Millennials enter the workplace talent pool, we look forward to providing FICS’ expertise, leading-edge system technology and unparalleled system support to help this new generation of servicing customers succeed in the ever-challenging mortgage business,” Graham said.
Susan Graham, President and COO
As president and COO of FICS, Susan Graham is responsible for the overall management of the company’s day-to-day operations, strategic planning, customer relations and product development. Graham successfully managed the rewrite of FICS’ main software solutions to Microsoft’s .NET Framework and Windows Presentation Foundation user interface.
Aaron Lynch, Senior Vice President and CTO
Aaron Lynch serves as senior vice president and CTO of FICS, where he is responsible for technical research and strategic analysis. Lynch has spearheaded the successful development, implementation and/or rewriting of numerous FICS software solutions, including the APIs and web applications.