Alliance Established Between FICS and Data-Vision
- Loan Producer users realize significant savings in document delivery processes -
DALLAS, July 24, 2003 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides residential origination technology to the mortgage industry, announced that an alliance is now in place that enables enhanced communication between Loan Producer, FICS' residential loan origination system (LOS), and RemoteDocs.com, an Internet-enabled, document delivery system from Mishawaka, Ind.-based Data-Vision, Inc.
Through this alliance, FICS' customers are now able to electronically deliver closing document packages generated within Loan Producer directly to closing companies. The impact of this is a significant savings for lenders in terms of both time and money associated with delivering closing documents. On average, Loan Producer users realize a 50-60 percent savings on shipping, paper and toner expenses over the traditional, paper based method of document delivery and will reduce the required time to facilitate the delivery of closing documentation by one to two days.
"Utilization of Loan Producer in conjunction with RemoteDocs.com has had a positive impact on our overall origination processes by making the delivery of documentation much simpler and cost-effective," said Jacqueline Ford, mortgage manager of Michigan State University Federal Credit Union. "In addition, it has made things easier on our title companies as well because, since the documents are sent electronically versus fax, they are more precise and visually much clearer to read, which saves additional time and money."
The alliance enables the closing documents to be delivered in one of two methods: either through an application service provider (ASP) module, in which Loan Producer users log into a secure Web site and load documents individually and closing agents log into the site to download them; or through Data-Vision's Automated Interface Management (AIM) module, which is used to build and deliver the documents to the Web site location. The RemoteDocs AIM module enables Loan Producer users to easily transmit their documents through Data-Vision's secure servers, making them available for download by closing agents and title companies. This helps FICS lenders streamline the delivery process.
"This alliance demonstrates the commitment of both companies to keep offering product enhancements that will further streamline the lending process. Combining technologies produces a solution for quick delivery to market at less cost than creating an individual process," said John Dempsey, vice president of sales for Data-Vision, Inc.
"We want our customers to realize the greatest potential and return on investment when using our technology," said Dawn Gibbs, president and CEO of FICS. "Achieving this requires us to not only develop software systems to best meet their needs, but also to work closely with other vendors to expand the capabilities of our system, helping our customers to process loans in the most efficient way possible."
Incorporated in 1993 and based in Mishawaka, Ind., Data-Vision specializes in the development and delivery of products specifically tailored to the mortgage banking industry. Data-Vision provides two products: LoanQuoter.com (a template web site design service allowing clients to be up and operational with a fully functional mortgage web site at a fraction of the normal development time) and RemoteDocs.com (a solution for the delivery of closing documents using the power and speed of the Internet). For additional information, please visit the company's Web site at www.d-vision.com or contact them directly at 888-925-8625.
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.