FICS Celebrates 25th Anniversary
- Independently-owned mortgage technology specialist celebrates 25 years of success -
DALLAS, Oct. 27, 2008 - 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, celebrates its 25th anniversary in 2008.
During its twenty-five years in the mortgage industry, the company has worked with more than 1,200 mortgage loan origination and servicing operations and has seen, and been a part of, many changes that have occurred within the industry.
FICS was started in 1983 by W. Carl Gahan and John A. Saar. The first product offering was Mortgage Servicer, written in the Basic programming language and operating on a personal computer with a four megahertz processor, 512k of memory, and a ten megabyte hard drive. The system could only handle around 2,000 loans, but was considered a major advancement in servicing options for small mortgage lenders in comparison to the mainframe servicing technology of the times.
"We have been relying on FICS' mortgage servicing and origination solutions since 1986 and during our more than 22 year relationship, FICS has provided me with both the technology skills and tools to develop and grow a successful mortgage servicing organization," said Robert Arellano, CFO/vice president of Rocky Mountain Mortgage Company. "I am truly indebted to FICS for their role in helping me gain the skills I needed to not only run the FICS programs, but the overall operation of our company. FICS has always worked with us to ensure the solutions meet our changing needs and requirements, which we have always appreciated. I credit FICS with helping expand our business and efficiently meet our business goals. With FICS' help we are now servicing more than 7,000 loans. FICS is like a family to us."
By 1996, advancements in technology were rapidly taking place, so FICS began rewriting its systems for Windows® utilizing the PowerBuilder programming language in a 32-bit processing environment. Today, FICS offers six Windows products: Loan Producer, Mortgage Servicer, Commercial Servicer, Loan Accountant, Mortgage Accountant, and Commercial Accountant, and three Web-based solutions: eStatus, LoanStat, iNetAp and the newly released LPOnline.
"We were one of the first housing finance agencies to service our own loans," said Nancy Myers, director, Loan Servicing for Kentucky Housing Corp. "We selected FICS in the early 90's to help us set up our in-house servicing department and have now been with FICS for more than 16 years. FICS has helped bring us into the 21st century and allows us to manage our servicing portfolio of 30,000 loans efficiently and cost-effectively. They allow us, a small servicer, to successfully develop and grow a servicing portfolio and remain profitable. We believe in a very personal approach to customer service and FICS helps us accomplish that mission."
"San Antonio Federal Credit Union began its relationship with FICS in 1991, and has since purchased almost all of FICS' systems, including our most recent addition of Real Time Access (RTA)," said Mary Posch, vice president of Real Estate Lending for San Antonio Federal Credit Union. "We have benefited greatly from FICS' many services, including training, help desk assistance, special interfaces, and custom programs, and feel fortunate to have had this successful relationship with FICS in place for such a long time."
"The last two decades have seen a seismic shift in technology across the board, and the mortgage industry has been no exception," said Dawn Gibbs, CEO of FICS. "While the industry has gone from purely manual processes, to PC-based systems, to Web-based technology, FICS has continued to utilize new technologies and resources to meet the needs of its customers and retain its reputation for cost-effective and easy to use software solutions. We are proud to celebrate 25 years of success as an independently-owned mortgage technology specialist."
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.