For the seventh consecutive year, HousingWire has recognized FICS® (Financial Industry Computer Systems, Inc.), a provider of loan origination software, residential servicing software and commercial servicing software for the mortgage industry, as one of the most innovative technology companies in the U.S. housing economy. In response to the expanding solutions landscape and HousingWire’s diverse audience, this year the Tech100 program was divided into two categories: HW Tech100 Mortgage and HW Tech100 Real Estate. FICS® was recognized in the HW Tech100 Mortgage category.
“HousingWire’s motto for 2020 is growth through focus. With that lens, the Tech100 program underwent mitosis and emerged as two highly focused awards — Tech100 Real Estate and Tech100 Mortgage. While collaboration between real estate and mortgage professionals has never been higher, the tools and solutions that empower these professionals to excel are often entirely different,” said HousingWire CEO, Clayton Collins. “The winners of the 2020 HousingWire Tech100 Mortgage and Real Estate awards are truly the most impactful and innovative companies in housing. Not only do these companies empower their clients and users, they are supporting a more efficient, accessible and sustainable housing economy.”
FICS® provides comprehensive, modern, and flexible in-house mortgage loan origination, residential mortgage servicing, and commercial mortgage loan servicing software solutions. FICS® has delivered exceptional automation, performance, system support, and value for more than three decades. During this time, FICS® has rewritten their systems twice and is now on the third generation. For the past six years, more than 20 percent of the top servicers in the biannual Mortgage Bankers Association’s Commercial/Multifamily Real Estate Mortgage Servicer Rankings list have been FICS’ customers. FICS® has 20 percent of all the Freddie Mac® multifamily lenders using its Commercial Servicer® system. Forty-four percent of FICS’ Mortgage Servicer® customers are approved Fannie Mae® servicers, and 19 percent are Freddie Mac® servicers.
FICS’ Loan Producer® software automates origination, processing, tracking, underwriting, closing and funding, and secondary marketing. Mortgage Servicer®automates residential servicing functions including escrow administration, collections, investor reporting, payment processing, loss mitigation, year-end reporting and cash management. Commercial Servicer® enables lenders to service commercial loans, including lines of credit and loans for equipment or inventory. In addition to similar automated functionality of FICS’ Mortgage Servicer®, the Commercial Servicer® software also includes asset management and commercial-specific functionality, as well as investor reporting for multifamily loans. Used in conjunction with any third-party scheduling tool, Mortgage Servicer® API and Commercial Servicer® API let servicers schedule and automate virtually every program, report and interface in the system such as end-of-day and end-of-month reports, investor reporting and monthly loan statements.
FICS’ mobile-responsive web applications give borrowers, investors and mortgage professionals online access to mortgage loan information 24/7—anywhere there’s an internet connection. LPOnline® gives borrowers the convenience to easily apply for a mortgage, view disclosures and obtain loan application status updates. Using Xcluso®, loan originators can input information into an URLA and order credit and initial disclosures from a MISMO® document services provider. Xcluso® allows branch or call center employees to easily help borrowers submit documents and obtain application status updates from any location. eStatus Connect® and LoanStat® give residential and commercial borrowers access to loan statements, payment history, and other loan information; allow borrowers to make online payments; and let servicers communicate and educate borrowers. FICS’ web applications all communicate in real time with the main systems, providing borrowers updated information, communications and documents immediately as data is updated or documents generated.
“FICS® continues to build innovative solutions for lenders and servicers, and HousingWire’s inclusion of FICS® for the seventh consecutive year recognizes the value of a company that provides exceptional GSE functionality, offers the flexibility of an in-house or cloud hosted solution and enables lenders to maintain added control over customers’ loan data,” said Susan Graham, President, and COO of FICS®. “With 37 years of expertise in the mortgage industry, we’re committed to keeping up with advances in technology; providing system functionality our customers need to adapt to new regulatory challenges; and delivering outstanding customer service.”
HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets. Built on a foundation of independent and original journalism, HousingWire reaches over 60,000 newsletter subscribers daily and over 7.5 million unique visitors each year. Our audience of mortgage, real estate, financial services and fintech professionals rely on us to Move Markets Forward. Visit www.housingwire.com or www.solutions.housingwire.com to learn more.
FICS® (Financial Industry Computer Systems, Inc.) is a leading mortgage software company specializing in flexible, cost-effective, in-house mortgage loan origination, residential mortgage servicing and commercial mortgage servicing software for mortgage lenders, housing agencies, banks and credit unions. FICS’ software solutions provide customers the flexibility to choose an in-house or cloud hosting solution. The company also provides innovative document management, API and web-based capabilities in its full suite of products. Visit www.fics.com for more information about our exceptional mortgage software solutions.