FICS - Mortgage Loan Payment Processing

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Mortgage Servicer eliminates cumbersome payment processing and memorization of numerous transaction codes. The system validates the payment amount entered and suspends exceptions for special handling.

Mortgage Servicer exception entry is uncomplicated, has the security options you require, and supports all irregular payment transactions including: odd amounts, adjustments, curtailments, reversals, manual distributions, payoffs, late charges, prepayment penalties and returned check charges.

As each transaction is posted, the loan record and loan history are updated immediately, eliminating batch processing. Interest and service fees are system calculated. Detailed reports make it possible for you to bank receipts daily and to move funds easily between clearing and custodial accounts. The automated interface to Mortgage Accountant allows the movement of funds through ACH or bank wire transfer.

In addition, Mortgage Servicer supports a variety of other time saving payment methods needed for large-volume servicers.

The lockbox system allows companies to upload payments on current and delinquent loans from a transmission file created at the bank. Automatic exception reports that include mismatched payments, odd payments, or any other exception are generated for reconciliation with the bank's control list. Daily stop files can be produced and transmitted to the lock box bank.

Electronic automatic payment withdrawals via ACH are fully supported by Mortgage Servicer and the draft files created are in the standard NACHA file formats for either the Federal Reserve or correspondent banks, depending on the needs of your bank.

Credit Unions and other financial institutions will appreciate the payroll deduction program found in Mortgage Servicer. This method of payment application may also be used for a variety of "direct deposit" situations.