FICS' Credit Interface Earns MXCompliance Certification from MISMO
DALLAS, Jan. 28, 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 origination system, Loan Producer's credit interface received MXCompliance Certification for Credit Request v2.3.1 and Credit Response v2.3.1 from the Mortgage Industry Standards Maintenance Organization, Inc. (MISMO).
MISMO is the premier standards development body for the real estate finance industry. The organization coordinates the development and maintenance of Internet-based Extensible Markup Language (XML) real estate finance specifications to deliver a common format for the electronic transfer of mortgage industry data. MISMO has working agreements with the major data standards development organizations and has developed a language of industry data elements, stored in a common data dictionary used to create all MISMO transactions.
With the MISMO certification, FICS customers benefit from the ability to interface directly with any credit vendors that are also MISMO compliant without having to perform any customization for each individual credit vendor. Not only do MISMO standards promote consistency throughout the industry, but they also reduce costs, augment transparency and heighten investor confidence in mortgages as an asset class. Adhering to MISMO standards will also improve FICS' bottom line and bring economies of scale to its business by giving the company the ability to operate with a higher level of efficiency.
“The MISMO compliancy now allows our customers to enjoy financial capabilities that were once unavailable to them,” said Dawn Gibbs, president and CEO of FICS and current member of MISMO Board of Directors. “The fact that our customers have direct access to an interactive vendor neutral interface makes for a more efficient and resourceful financial solution.”
Established in 1999, the Mortgage Industry Standards Maintenance Organization (MISMO) is a not-for-profit subsidiary of the Mortgage Bankers Association whose mission is to develop, promote, and maintain voluntary electronic commerce standards for the mortgage industry. MISMO has working agreements with all the major data standards development organizations and has developed a language of industry data elements, stored in a common data dictionary used to create all MISMO transactions. For more information, please visit www.mismo.org.
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.