Lenders Utilizing FICS Servicing Solutions Recognized on HUD Tier Ranking Round 30 in Tier One Category
DALLAS, April 7, 2008 – 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 that 11 of its servicing lender clients are recognized on the HUD Tier Ranking Round 30 in the Tier One category, the highest ranking available from HUD indicating best servicing performance as it relates to the application of HUD's loss mitigation.
HUD implemented the Tier Ranking System (TRS) in 2000 as a way to measure servicer’s utilization of HUD's loss mitigation program. Regardless of a servicer's TRS ranking, every active FHA servicer's use of the three loss mitigation retention tools (special forbearance, mortgage modification and partial claim) is reviewed. Those servicers whose ratios of loss mitigation use are far outside the boundaries of normal servicers, and who do not have a reason for such usage, are targeted for training, investigation or audit. Scores are released quarterly and are based on data from a rolling 12 month rating period.
“We are very proud to be recognized in HUD’s Tier One category,” said Irma Aguilar, Vice President, Loan Administration for Rocky Mountain Mortgage Co. “A combination of having an excellent staff and the correct servicing technology in place has enabled us to efficiently service our loan portfolio. With our FICS Mortgage Servicer solution, we are able to fully automate the aspects of servicing, comply with industry standards and regulations and simplify reporting processes.”
“In today’s mortgage servicing environment, it is important for financial institutions to have reliable systems in place that address loss mitigation,” said Dawn Gibbs, President and CEO of FICS. “Providing our customers with the technology they need to efficiently do business continues to be our main objective. Having so many of our customers recognized in the Tier One category of the HUD Tier Ranking is further evidence of our commitment to work closely with our customers to provide them with the resources needed to be successful in today’s mortgage environment.”
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.