FICS’ Loan Origination System Simplifies HMDA Reporting
BOSTON, Oct. 16, 2007 – Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced at MBA’s 94th Annual Convention & Expo 2007 that it enhanced its Home Mortgage Disclosure Act (HMDA) reporting features in its residential mortgage loan origination system (LOS), Loan Producer.
The HMDA reporting feature enables mortgage professionals using Loan Producer to more easily comply with HMDA requirements by eliminating extra steps required to prepare the Loan Application Register (LAR), HMDA’s required format for submission to federal financial regulatory agencies. This enhancement makes for a more streamlined process, saving both time and expense for lenders that are subject to disclosing data about applications for originations and purchases of home loans, home improvement loans and refinance loans, on an annual basis. Loan Producer now also makes HMDA related data available in one, more centralized location within the system, eliminating the need to scour the system for needed information.
“Utilizing the HMDA feature within the Loan Producer system has enabled our mortgage lending department to be more efficient in gathering information for and preparing documents to comply with HMDA requirements,” said Bonnie B. Douty, business analyst for Think Mutual Bank. “The enhancements enable us to have all HMDA information available in one location, with all errors easily identified and highlighted until corrected. This not only saves a tremendous amount of time, but eliminates reporting errors and allows us to easily make necessary changes as requirements dictate.”
“The stringent data requirements make complying with HMDA a daunting task for mortgage professionals,” said Dawn Gibbs, president and CEO of FICS. “Providing the functionality to alleviate the stress associated with this process is another example of how we work closely with our customers to determine the system enhancements that will provide the greatest benefit to their business.”
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.
