FICS Announces at MBA's CREF/Multifamily Housing Convention & Expo Enhancements to its Commercial Servicer to Support CMSA's IRP® v 5.0 Reporting Standards for the CMBS Industry
ORLANDO, Feb. 04, 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 at the MBA's Commercial Real Estate Finance (CREF)/Multifamily Housing Convention & Expo 2008, that it has enhanced its commercial mortgage loan servicing system, Commercial Servicer to accommodate the Commercial Mortgage Securities Association (CMSA) U.S. CMSA Investor Reporting Package (CMSA IRP®) Version 5.0.
The CMSA IRP consists of data files, supplemental reports and property operating statements that allow participants in a commercial mortgage backed securities (CMBS) transaction to communicate loan level data in a standardized format. This information, which is important to investors, provides for the smooth transfer of information between parties involved in the transaction and further supports the continued growth and transparency of the U.S. CMBS market. The latest version of CMSA IRP was implemented on February 1.
Key updates to IRP v 5.0 include the clarification of a number of data points and modification to several reports and files. Building these enhancements into the Commercial Servicer solution enables FICS customers to easily submit data to the Master Servicers and Trustees. Enhancements to the Commercial Servicer solution include:
- Changes to the reporting files to provide new data points, as well as enhance or clarify the description of key reporting items.
- Changes to several supplemental reports including financial and asset information to provide an enhanced level of data for comparison.
- Modified threshold calculations on the watch list tracking program so as to potentially alert servicers to possible cash flow issues more quickly than in the past.
“Enhancing our commercial servicing solution to incorporate the newest version of the CMSA IRP was essential to ensuring that our customers have the most up-to-date technology available to succeed in today's environment,” said Dawn Gibbs, president & CEO of FICS. “These enhancements improve the efficiency of reporting and increase the amount of current information available to the market.”
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.