Lenders Utilizing FICS Servicing Solutions Recognized on Freddie Mac Tier One Platinum and Tier One Gold Performance Rankings
- Servicers recognized for superior investor reporting and default management during 2006 -
DALLAS, May 4, 2007 – 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 3 of its servicing lender clients are recognized on the Freddie Mac Tier One Platinum and Tier One Gold performance rankings for superior investor reporting and default management in 2006. Hoosier Hills Credit Union and The Independent Bankers Bank are recognized in the Tier One Gold category and Taylor Bean & Whitaker is recognized in the Tier One Platinum category.
Freddie Mac, one of the nation's largest investors in residential mortgages, ranks its servicers against monthly performance benchmarks for investor reporting, minimizing credit losses and helping delinquent borrowers avoid foreclosure. Tier One Platinum rankings are given to larger servicers for attaining at least two quarters of Tier One, or superior performance, in a year. Tier One Gold servicers are smaller lenders who achieve a Tier One rating in investor reporting for two quarters in a calendar year, a Tier One rating in default management based on an averaged annual calculation, and maintain on average at least one seriously delinquent loan per month.
Credit Unions have appeared in the Tier One category for two consecutive years. This year, FICS client, Hoosier Hills Credit Union in Bedford, Indiana, received a Tier One Gold ranking, making it the fourth credit union to ever achieve Tier One status.
“In today’s mortgage servicing environment, it is important for financial institutions to have reliable systems in place that address loss mitigation and foreclosures as well as investor reporting,” said Dawn Gibbs, president and CEO of FICS. “Providing a versatile servicing solution enables us to efficiently serve credit unions, mortgage companies and banks with the technology they need to excel in this highly competitive industry. Having our customers recognized on the Freddie Mac’s Tier One Platinum and Tier One Gold performance rankings is further evidence of our continued emphasis on maintaining high standards for our applications. FICS will continue to maintain a high level of service and constantly work to provide the mortgage industry with top-of-the-line servicing technology.”
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.