Cohen Financial Upgrades to FICS' Commercial Servicer
- Windows®-based, commercial servicing system enables increased flexibility and functionality -
DALLAS, February 14, 2005 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced the successful implementation of Commercial Servicer at Chicago-based Cohen Financial, one of the nation's largest originators of commercial real estate loans. Cohen Financial purchased FICS' multi-family and commercial real estate loan servicing system, Commercial Servicer, to replace its existing DOS-based commercial loan servicing system. The company successfully implemented Commercial Servicer in March 2005. "We were very impressed with how scalable FICS solutions were to both large and small financial institutions," said Steve Spayer, managing director of Loan Servicing at Cohen Financial. "Since the purchase of Commercial Servicer, we have found the software to be extremely user-friendly. Shifting software platforms has required revisions to our operating procedures, and the learning curve for our employees has been rapid. The level of service, support and product knowledge provided by the FICS staff has been phenomenal since day one." In addition to Commercial Servicer, Cohen Financial also purchased FICS' Commercial Accountant. Commercial Accountant automates accounting capabilities such as daily cash book balancing and month-end reporting, including the distribution and movement of mortgage funds, P&I advances and recovery, bank account reconciliation and ACH distribution. "Cohen Financial's commitment to servicing commercial loans reaffirms FICS' commitment to provide its users with the system reliability necessary to exceed their loan servicing and accounting needs." said Dawn Gibbs, president and CEO of FICS. "More importantly, we enabled Cohen Financial to streamline its commercial servicing processes in a manner that has not disrupted its staff or customers."
About Cohen Financial
Cohen Financial is a national real estate finance company offering a wide range of products and services, which include debt and equity placement, investment brokerage and loan servicing. The company is recognized as one of the nation's largest originators of commercial real estate loans, with more than $3.8 billion in transactions annually and more than $4.5 billion in loan servicing. The company has also provided financial advisory services on more than $1 billion of assets. Cohen Financial has more than 105 experienced real estate and finance professionals on staff in 11 offices in 10 major markets.
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.
