Mid-State Homes Improves Loan Servicing Automation Through FICS' Mortgage Servicer
SAN DIEGO, February 19, 2004 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house, residential loan servicing technology to the mortgage industry, announced today at the Mortgage Bankers Association National Mortgage Servicing Conference & Expo that Fla.-based, Mid-State Homes, the mortgage servicing arm of Walter Industries, Inc., has purchased and implemented FICS' residential mortgage servicing system, Mortgage Servicer.
Mid-State Homes selected Mortgage Servicer primarily as a portfolio management system to process its installment notes. FICS already counts Mid-State Homes' sister company, Walter Mortgage Co. (the land/home financing division of Walter Industries, Inc.) as a customer and Mid-State Homes cited this existing relationship and its desire to utilize a proven solution as key factors in its purchase decision.
"The utilization of Mortgage Servicer is impacting every aspect of our residential mortgage servicing processes, and it will increase our productivity," said Kim Perez, CFO of Mid-State Homes. "As a result, data will be easier to extract, queries run more quickly and overall, Mortgage Servicer is configured to work well compared to the previous mainframe environment."
"Already familiar with the needs of Walter Industries' subsidiaries through our work with Walter Mortgage Co., FICS was able to quickly and effectively meet and exceed Mid-State Homes requirements for residential mortgage servicing with Mortgage Servicer," said Dawn Gibbs, president and CEO of FICS. "I expect the company to benefit greatly from the utilization of our system as Mortgage Servicer saves Mid-State Homes time, money and labor in performing its loan servicing processes."
About Walter Industries, Inc.
Walter Industries, Inc. is a diversified company with revenues of approximately $1.3 billion. The company is a leader in home building, home financing, water transmission products and natural resources. Based in Tampa, Fla., the company employs approximately 5,400 people. For more information, please visit the company's Web site at www.walterind.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.
