Taylor, Bean & Whitaker Enhances Residential Mortgage Servicing Operations Through New Functionality From FICS
- Residential servicing and loss mitigation processes positively impacted by latest offerings -
DALLAS, March 15, 2005 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential servicing technology to the mortgage industry, announced today that Ocala-Fla. based Taylor, Bean & Whitaker (TBW), a Top 20 wholesale mortgage lender nationally, is implementing FICS' new loss mitigation functionality into its residential mortgage loan servicing operations.
TBW has utilized FICS' residential mortgage loan servicing technology, including Mortgage Servicer (residential mortgage loan servicing system), Radstar (an integrated imaging system that automatically writes reports and documents created from any one of the FICS' systems into an indexed database.), eStatus (online access to residential mortgage loan data for borrowers) and Mortgage Accountant (automated custodial accounting capabilities) since January 2000. The latest implementations specifically address servicing issues related to loss mitigation (including financial worksheet automation, additional tracking and payoff enhancements) and borrower and investor reporting processes.
In terms of loss mitigation, Mortgage Servicer now provides users with more options to record mitigation expenses and better analyze financial risk levels for default borrowers. TBW specifically cites Mortgage Servicer's capability to present borrower loan and repayment information in real-time -- with instant access throughout the organization -- as an impact in how it manages its default business.
"Our goal is to find an alternative to foreclosure and keep the borrower in their home," said Nathan Sands, vice president of Loan Administration for Taylor, Bean & Whitaker. "FICS' new Loss Mitigation module will assist in accurate and timely analysis of the borrower's financial situation, and the results will direct you to the most logical Loss Mitigation tool for the borrower. "
Additionally, Radstar is enabling TBW to streamline its loan servicing even more by providing greater flexibility in how the company views, stores and retrieves loan documents and investor reports. Through Radstar, in tandem with eStatus, TBW was able to post more than 100,000 IRS 1098 forms on its secure Web site, available for download by borrowers well before the hard copies had even been printed for mail out.
"As servicers and borrowers alike become more technologically adept, the Internet will continue to change how the two parties communicate," said Dawn Gibbs, president and CEO of FICS. "Through its proven track record with our technology and the level of service it provides to its customers, TBW is setting the standard for successful residential mortgage servicing operations."
About Taylor, Bean & Whitaker
Taylor, Bean & Whitaker Mortgage Corp. (TBW), headquartered in Ocala , FL is a Top 20 national wholesale mortgage lender. The company was incorporated in 1982 and began operations as a small town retail mortgage firm. Since then, TBW has ascended to a national mortgage lending institution with offices across the country. TBW services more than 80,000 loans and is rated an "Above Average Servicer" by Standard and Poors. Additional information about the company can be found online at www.taylorbean.com.
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.