FICS Customers Recognized on HUD Tier Ranking Round 34 in Tier One Category
DALLAS, March 11, 2009 - 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 12 of its servicing lender clients are recognized on the U.S. Department of Housing and Urban Development (HUD) Tier Ranking Round 34 in the Tier One category. Serving as the highest-ranking category available from HUD, the Tier One ranking indicates the best servicing performance as it relates to the application of HUD's loss mitigation.
The results were calculated using established criteria for HUD’s Tier Ranking System (TRS) based on activity during October 1, 2007 through September 30, 2008. HUD implemented the TRS in 2000 as a way to measure servicer’s utilization of HUD's loss mitigation program. Regardless of a servicer's TRS ranking, every active FHA servicer's use of the three loss mitigation retention tools (special forbearance, mortgage modification and partial claim) is reviewed.
"It has always been one of our goals to reach and maintain a HUD Tier One ranking and we are very proud of our recent achievements," said Donald Pfost, vice president, Mortgage Servicing Division For Aurora Financial Group, Inc. "Without having the proper staff and servicing system in place, we may not have had as much success meeting our goals and objectives. FICS had provided us with the resources and flexibility to effectively service and manage various loan portfolios whose requirements vary form investor to investor."
"Given today’s market conditions, it is more important than ever for financial institutions to work successfully with HUD, as well as have reliable loss mitigation solutions in place," said Susan Graham, president of FICS. "We pride ourselves on maintaining high standards for our applications and having 12 of our customers recognized in the HUD Tier One rankings is evidence of our continued dedication to our customers. We will continue to work to provide the mortgage industry with the servicing solutions they need to succeed in today’s challenging environment."
About FICS
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.
