Loan Protector and FICS Announce Custom Interface to Further Improve Servicing Operations
- Interface helps ensure portfolios are secure -
SAN DIEGO, February 18, 2004 - Loan Protector Insurance Services, a leading independent outsourcer of customized mortgage insurance tracking and verification programs, today announced during the National Mortgage Servicing Conference and Exposition, it has developed a custom interface with Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house servicing technology to the mortgage industry. The bi-directional interface will enable users of FICS' residential servicing system, Mortgage Servicer, to have access to Loan Protector's proprietary, advanced technology software, EasyTrack.
The custom interface with FICS' Mortgage Servicer enables Loan Protector to verify and track insurance changes to mortgage portfolios while keeping FICS' clients current with the latest insurance information, including the borrower's insurance company or agent, payee information, policy numbers and dates, as well as coverage and premium amounts. Loan Protector automates much of the tracking process and reduces the level of involvement needed from lenders, allowing them to focus on other areas of strategic importance.
Security Mortgage Corporation, a locally owned mortgage lender based in South Dakota, will be the first FICS client to go live with the interface. "As our servicing portfolio continues to grow, the responsibilities have become overwhelming for one full-time employee to manage," said Lisa Schreurs, vice president of Security Mortgage Corporation. "Tracking insurance requirements is just one of the many functions we perform; however it is Loan Protector's specialty. We look forward to going live with the interface and expect significant savings in terms of costs, time and resources."
EasyTrack's features include automated bill review and a web-delivered, collaborative bill-marking system. Bills that should be paid are automatically loaded via the interface, while exception bills are reviewed and resolved through EasyTrack's interactive Web access. The custom interface automates the handling of additional premium bills, as well as annual renewals. Bills are pended for scheduled batch disbursement or directly disbursed as overnight checks.
"Mortgage Servicer was specifically designed to cost effectively provide not only a full suite of tools to our residential servicing customers, but also with effective interface capabilities to help them better manage their business through relationships with a variety of best-of-breed technology providers," said Dawn Gibbs, president and CEO of FICS. "Like Security Mortgage Corporation, I expect our Mortgage Servicer users to benefit directly from the new capabilities that this system's interface with Loan Protector will provide."
"The interface allows Loan Protector to electronically send insurance information directly into the FICS' Mortgage Servicer," said Ron Wiser, president of Loan Protector Insurance Services. "Through the interface, the client will receive all necessary loan servicing information from one source. In addition, FICS' clients will benefit from our EasyTrack system and its unique ability to track complex combinations of multiple collateral and insurance policies."
FICS' Mortgage Servicer provides all the functions necessary to automate the servicing of mortgage loans in a cost-effective manner. The interface further automates the process by allowing lenders to access all insurance information via a secure on-line connection. Real-time access to insurance documents further helps servicers prevent losses due to unsecured loans.
About Security Mortgage Corporation
Security Mortgage Corporation is based in Sioux Falls, S.D. Founded in 1986, the company is a locally owned mortgage lender that was founded to provide homeownership opportunities to families in the area. Security Mortgage Corporation is a wholly owned subsidiary of Security Bank, a community bank which strives to call customers by name, and yet offer the variety of services customers expect from a larger bank.
For additional information about Security Bank and Security Mortgage Corporation and their products, visit the company's Web site at www.bankingwithsecurity.com.
About Loan Protector
Loan Protector is a leading independent outsourcer of customized insurance tracking and lender-placed insurance programs, designed to fit each mortgage lender's specific requirements.
Loan Protector offers a complete line of insurance tracking products, including hazard and flood insurance tracking for residential mortgages and multi-line insurance tracking for commercial mortgages. Using its state-of-the-art proprietary software, EasyTrack, Loan Protector helps servicers manage their insurance verification, escrow premium payment and lender-placed insurance processes in a secure, online environment.
For additional information about Loan Protector call 800.545.6580 or visit www.loanprotector.com.
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.
