FICS' Servicer Solutions Provide Users a Direct Method for Reporting to Ginnie Mae's Reporting and Feedback System
DALLAS, August 18, 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 its residential mortgage loan servicing system, Mortgage Servicer, and its commercial mortgage loan servicing system, Commercial Servicer, now have the ability to report directly to the Government National Mortgage Association (Ginnie Mae) via Ginnie Mae's new Reporting and Feedback System (RFS).
Ginnie Mae's RFS is a new system being implemented under Ginnie Mae's Business Process Improvement (BPI) initiative to streamline processes for reporting remaining principal balances, pool accounting data and loan level data on a monthly basis. The new system will streamline the reporting process by consolidating the reporting of monthly security RPB, monthly pool reporting, and loan level reporting into a single reporting process.
Having the Ginnie Mae reporting feature directly embedded in Mortgage Servicer and Commercial Servicer, FICS customers benefit from the ability to interface directly with Ginnie Mae without having to perform any customization and continue to remain in compliance with Ginnie Mae's reporting requirements.
“The RFS reporting feature allows our customers to easily remain in compliance with Ginnie Mae without having to incur additional expenses to develop customized interfaces,” said Susan Graham, president of FICS. “The feature makes for a more efficient and resourceful servicing solution.“
About Ginnie Mae
Ginnie Mae was created in 1968 to expand access to affordable housing opportunities by linking global capital markets to the nation's housing markets, guaranteeing more than $2.6 trillion in MBS, and helping millions of low- and moderate-income Americans achieve their dream of homeownership. Additional information about Ginnie Mae is available via www.ginniemae.gov.
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the mortgage-backed security (MBS), guaranteeing the very first security in 1970. A MBS enables a mortgage lender to aggregate and sell mortgage loans as a security to investors. Ginnie Mae securities carry the full faith and credit of the United States Government, which means that, even in difficult times, an investment in Ginnie Mae is one of the safest an investor can make.
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.