FICS Announces New Freddie Mac Multifamily Assessment Report Capabilities for Commercial Servicer
DALLAS, February 14, 2005 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced today that its commercial servicing system, Commercial Servicer, now contains a new Freddie Mac Multifamily Assessment Report electronic data transmission file.
Freddie Mac's Multifamily Assessment Reports are designed to periodically assess, measure and document the overall quality of a servicer's mortgages and to expedite the early detection of, intervention of, and resolution of potential problems such as defaults. Servicers are also required to submit these reports for Freddie Mac in the event of other factors including delinquencies, bankruptcy filings and transfer of ownership. The new enhancements to Commercial Servicer will streamline the submission process by enabling users to select individual file segments and create a property financial file in XML (eXtensible Mark-up Language) format for direct electronic submission to Freddie Mac.
The new capabilities are already in place at Minneapolis-based, Northmarq Capital, Inc., which is utilizing the electronic data transmission file to transfer financial histories on their mortgage loans from Commercial Servicer into the Freddie Mac MultiSuite® for Assessments Web site.
"The process has helped increase our efficiency and, at the same time, decrease the risk of data entry error," said Alan Conniff, vice president/manager - Agency Asset Management for Northmarq Capital, Inc. "In 2005, we plan to automate this process even further by importing the required assessment data from an Excel file into Commercial Servicer and then into MultiSuite, which will further streamline processes by eliminating the need for the person completing the assessment to access MultiSuite, and requiring only the person certifying the assessment to take the time to access the Web site."
"As reporting requirements evolve and increase in number, it is imperative that servicers have systems in place that are flexible enough to enable them to meet these requirements without sacrificing too much in terms of operating efficiency," said Dawn Gibbs, president and CEO of FICS. "Our latest electronic data file enhancements to Commercial Servicer are an excellent example of how our technology - and our dedicated development staff - work to ensure that our commercial servicing customers are outfitted with the best tools to manage their business."
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.