FICS Addresses Loan Boarding Notification With MGIC Partnership
DALLAS, Nov. 29, 2005 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential servicing technology to the mortgage industry, announced a new upgrade to Mortgage Servicer, the company's residential mortgage loan servicing software. In partnership with Milwaukee, Wis.-based MGIC, the nation's leading provider of private mortgage insurance, FICS' Mortgage Servicer now includes a loan boarding notification function.
Loan boarding notifications inform MGIC that the loan has closed, insurance should be activated and who will be servicing the loan. With FICS' enhanced Mortgage Servicer, this procedure is automated based on a mortgage insurance industry standard file format (MISMO) and replaces a manual process for both the servicer and MGIC.
"Through the MISMO-approved loan boarding XML DTD, FICS Mortgage Servicer customers now have the ability to create and deliver an electronic notice of loan boarding to MGIC, said Laura Stirling, manager of MGIC's eCommerce Services. "FICS' enhancement significantly improves the premium billing payment process."
Of direct benefit to Mortgage Servicer users is increased efficiency in the processing of mortgage insurance billing and remittance set up. The Mortgage Servicer system also provides the user with summary reports, which are automatically stored in FICS' Radstar, a report and document management system.
"Through our partnership with MGIC, the use of FICS' upgraded Mortgage Servicer will eliminate the manual processing of insurance notifications, which will improve mortgage insurance activation and reconciliation, thereby maximizing data integrity," said Dawn Gibbs, president and CEO of FICS. "Our customers will greatly benefit from the elimination of labor-intensive tasks and the introduction of electronic loan boarding notifications."
About MCIG
MGIC Investment Corp. (NYSE: MTG) is the parent of Mortgage Guaranty Insurance Corp. (MGIC). Based in Milwaukee, Wis., MGIC serves more than 5,000 lenders across the United States and in Puerto Rico.
MGIC provides a critical component of our country's residential mortgage finance system, protecting mortgage investors from credit losses. Private MI also benefits consumers by helping them achieve homeownership sooner with low-down-payment loans. For more information, visit www.mgic.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.
