FICS Celebrates 20th Anniversary
DALLAS, Feb. 20, 2003 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house origination and servicing technology to the mortgage industry, celebrates its 20th anniversary in 2003.
During its two decades in the mortgage industry, the company has worked with more than 900 mortgage loan origination and servicing companies and has seen, and been a part of, many changes that have occurred within the industry.
"I have utilized FICS' Mortgage Servicer since 1985 and during that time, FICS has provided me with innovative technology tools that are designed to meet the real-world needs of mortgage servicing professionals and provide us with everything we could want," said Rich Favretto, Loan Servicing manager for NJ-based, Chapel Mortgage Corp. "Additionally, FICS' customer service is second to none and the company has been delightful to work with -- so much so that I have actually demonstrated their technology for other local mortgage companies. FICS made a promise to us in 1985 when the system was in its beginning stages, that if we gave them time, we would be happy with their product and they have more than kept their word, which is why I look forward to many more years of working together."
In 1983, Financial Industry Computer Systems, Inc. was started by W. Carl Gahan and John A. Saar. The first product offering was Mortgage Servicer, written in the Basic programming language and operating on a state-of-the-art personal computer with a four megahertz processor, 512k of memory, and a ten megabyte hard drive. The system could only handle around 2000 loans, but was considered a major advancement in servicing options for small mortgage lenders in comparison to the mainframe servicing technology of the times. Personal computers further did not require the extensive outlay of cash that mainframe systems required, which was often more than smaller companies could afford.
By 1996, advancements in technology were rapidly taking place, so FICS chose to begin rewriting its systems for Windows® utilizing the PowerBuilder programming language in a 32-bit processing environment. Now, FICS offers six Windows products: Loan Producer, Mortgage Servicer, Commercial Servicer, Loan Accountant, Mortgage Accountant, and Commercial Accountant, and three Web-based solutions: iNetAp, eStatus and LoanStat.
"The mortgage technology industry has undergone an exponential degree of evolution and change since we began operating in the early 1980s," said Dawn Gibbs, president and CEO of FICS. "Although it was obvious from recent history that computer technology would increase computer speed and disk drive capacity, it was never envisioned that improvements after twenty years would now reach gigahertz speeds and gigabyte hard drives. Now the volume of loans that can be handled by PCs is virtually unlimited. And, with the recent surge in Internet acceptability, Web-based applications will widen the market for small to mid-sized lenders to capacities once thought unreachable."
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.