16 FICS Customers Included in Latest HUD Tier One Servicing Rankings
DALLAS, March 1, 2011 – Financial Industry Computer Systems, Inc. (FICS), a provider of loan origination software, residential loan servicing software and commercial loan software, announced that 16 of its servicing lender clients (up from 11 in 2010) were acknowledged to be within the Tier One category for the U.S. Department of Housing and Urban Development’s (HUD) Tier Ranking Round 42. HUD’s Tier One ranking is the highest-ranked category, featuring select lenders recognized for having the best servicing performance in the application of HUD's loss mitigation program.
The rankings were calculated using established criteria for HUD’s Tier Ranking System (TRS) based on activity during the performance period of October 1, 2009 through September 30, 2010. The assessment linked to these scores determines if recipients are eligible for additional incentives for the 2011 calendar year.
FICS customers included in this year’s ranking rely on FICS’ Mortgage Servicer to manage their residential servicing portfolios. Mortgage Servicer automates servicing functions including: escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. The software also supports electronic document management.
“Between the ongoing economic impact of the real estate crisis and an increasing level of regulatory and reporting requirements, the past two years have represented some of the most challenging that servicing companies have had to face,” said Susan Graham, president and COO of FICS. “We view the fact that our servicing customers are consistently recognized on HUD’s Tier One ranking – and that the number included is increasing – as validation that Mortgage Servicer plays a vital role in enabling servicers to successfully meet HUD’s loss mitigation requirements for FHA lending.”
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.