FICS Greatly Simplifies Expense Documentation on Disclosure and Closing Documents Through Latest Enhancements to Loan Producer
- Additional data field more clearly communicates expenses for buyer, seller and 3rd parties -
ORLANDO, Oct. 23, 2005 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential loan origination technology to the mortgage industry, announced at the 92nd MBA Annual Convention & Expo a new upgrade to Loan Producer, the company's loan origination system (LOS), which now includes enhanced closing cost itemization and enhanced tax and insurance notation.
The update elaborates closing costs fee recording and allocation abilities to better accommodate today's market, where buyer and seller are not the only contributors in a loan's closing. The enhancements include the ability to further define the sources of monies received outside of closing and an itemized addendum for detailing all fees as well as the parties responsible for payment of these fees. Users benefit from a more simplified origination process, which enables the borrower to better understand the breakdown of the closing costs.
For example, some refinance loans are marketed with the lender paying the entire – or a portion of -- closing costs. Traditionally, due to limited availability on the disclosure and closing documents, the amount of closing costs paid by the lender would not be accurately reflected and required additional clarification by the borrower. With the latest upgrade to Loan Producer, FICS customers can now list individual expenses and who is responsible for them more clearly. The cumulative effect of this is that it simplifies and clarifies the origination process for borrowers and lenders alike.
FICS further simplified the documentation process for lenders by enhancing Loan Producer's tax and insurance section, adding extra data fields to specify each individual tax and insurance listing to help loan processors more easily review loan documents for any missing or incorrect information.
"We listen carefully to our customers and take their input heavily into account when designing upgrades to all of our products and services,” said Dawn Gibbs, president and CEO of FICS. “Taking into consideration and acting on valuable feedback from our clients regarding their use of Loan Producer, we believe that FICS has improved the origination process by expanding the options for closing costs documentation and reporting. Now, there is no doubt which party is responsible for paying certain costs, removing some of the anxiety surrounding what, for many borrowers, is a confusing and often difficult process to understand and complete."
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.