Eleven FICS Customers Recognized as HUD Tier One Servicing Lenders
Dallas, April, 1, 2010 - Financial Industry Computer Systems, Inc. (FICS), a provider of loan origination software, residential loan servicing software and commercial loan software, announced that 11 of its servicing lender clients are recognized in the Tier One category for the U.S. Department of Housing and Urban Development's (HUD) Tier Ranking Round 38. Serving as the highest-ranking category available from HUD, the Tier One ranking recognized those lenders with he best servicing performance in the application of HUD's loss mitigation program.
The results were calculated using established criteria for HUD's Tier Ranking System (TRS) based on activity during October 1, 2008 through September 30, 2009. HUD implemented the TRS in 2000 as a way to measure servicer's utilization of HUD's loss mitigation program. Servicers are measured on the use of three loss mitigation tools: special forbearance, mortgage modification and partial claim. FICS' customers on the list say that their loan servicing software, Mortgage Servicer, has helped them achieve this listing.
"At Texas Trust we are very proud to be a Tier One FHA servicer," said Richard Whitman, vice president of Mortgage Services for Texas Trust Credit Union (Mansfield, Texas). "FICS' Mortgage Servicer has been instrumental in the servicing of our FHA portfolio. Their tools and reporting capabilities have enabled us to efficiently evaluate and manage workout options and mitigate losses."
Troy Taylor, director of servicing for Cascade Financial Services, added, "FICS has been instrumental in helping our small company achieve Tier One ranking with the FHA because it gives us the same tools to monitor and track accounts that the big servicers use while still fitting our budget."
Mortgage Servicer automates servicing functions, including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. The software supports electronic document management through the use of Radstar and Web options to meet the needs of technologically savvy mortgage loan servicers, borrowers and investors.
"Lenders today are under increasing pressure to modify loans and keep borrowers in their homes," said Susan Graham, president of FICS. "Our 11 Tier One customers are proof that using servicing software such as Mortgage Servicer enables services to successfully meet the requirements of HUD's loss mitigation program on their FHA loans."
About FICS
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' systems are designed for Microsoft® Windows® with the most recent solutions using .NET framework that include a rich Windows® Presentation Foundation user interface and multi-tiered shareable services. The company also provides innovative document management and web-based capabilities into its full suite of products. Additional information about FICS is available via the company's website at www.FICS.com.
