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When One Size Doesn't Fit All

When One Size Doesn't Fit All

Finding technology products that meet your servicing needs has always been vital to succeed in the mortgage industry. With changes in industry regulations and borrowers' demands, as well as ups and downs in the economy, servicers have had to rely more on technology to service loans in a more efficient and timelier fashion.

Finding technology products that meet your servicing needs has always been vital to succeed in the mortgage industry. With changes in industry regulations and borrowers’ demands, as well as ups and downs in the economy, servicers have had to rely more on technology to service loans in a more efficient and timelier fashion.

Seamless automation and dataflow are of the utmost importance in today’s servicing solutions. A system must easily and securely maintain borrower and loan information, perform accounting and processing functions, and manage loans that are in escrow, good standing or delinquency. It must also offer servicers the ability to create custom reports, import configurations, and export files. Servicing software must be comprehensive and flexible.  

However, even with the most extensive software, there will be times when a “one size doesn’t fit all” situation arises. These situations call for customized solutions, which are referred to at FICS® as Special Programs. These programs are built using the existing architecture and code of the standard system, with execution through a dedicated menu option just for Special Programs. Some Programs are as simple as adapting an existing system report to fit your particular needs, such as adding columns or additional data to a standard system report. Other examples of Special Programs include custom statements, checks that include signatures or MICR lines, custom late notices, interfaces for third party vendors, or customized payment processing programs.

Just like servicers must be adaptable to change in today’s mortgage industry, FICS understands that software must be adaptable and flexible to meet servicing needs. When a company has a unique need, FICS is able to provide an effective solution through Special Programs alternatives.

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