Prudential Asset Resources Purchases Windows® version of FICS' Commercial Servicer
DALLAS July 11, 2002 - Prudential Asset Resources, the commercial mortgage loan servicing business of Prudential Mortgage Capital Company, and one of the nation's leading commercial mortgage firms, has purchased the Windows® version of Financial Industry Computer Systems, Inc. (FICS) Commercial Servicer mortgage loan servicing system for use with its commercial loan portfolio. FICS is a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry.
Prudential Asset Resources anticipates going live with the Windows® version of Commercial Servicer during Summer 2002. During the initial conversion to Commercial Servicer, Prudential Asset Resources will use the system to service approximately 1,600 FHA and Ginnie Mae commercial loans.
"As one of the largest commercial mortgage loan servicers in the United States, Prudential Asset Resources offers our technology the change to perform to its fullest potential," said Dawn Gibbs, president and CEO, Financial Industry Computer systems, Inc. "Through the use of Commercial Servicer, Prudential Asset Resources will enjoy immediate, significant savings in both time and money while laying the groundwork for continued growth in the future."
FICS' Commercial Servicer provides users with complete control over their commercial loan data and management of the system as well as the ability to post payments in real-time, run reports on demand, provide immediate escrow analysis and quote payoffs on request. Built from the "ground-up", the system's 32-bit client/server application provides ODBC (Open Database Connectivity) relational databases, providing lenders with quick access to mortgage loan data and the ability for that data to work with supporting applications with the touch of a mouse.
About Prudential Asset Resources
Prudential Asset Resources is an independent commercial mortgage servicing business designed to service the loans originated by Prudential Mortgage Capital, and other third parties. As of March 31, 2002, PAR's total servicing portfolio consisted of 5,852 loans totaling $33.6 billion. Also, based on 2001 data, PAR is ranked as the sixth larges commercial servicer in the industry by The Mortgage Bankers Association. Prudential Mortgage Capital, the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU), is a national full-service, commercial mortgage finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital and mezzanine markets, Prudential's general account, and other institutional investors.
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.