FICS® Partners with Fannie Mae® to Enhance Mortgage Servicer® for Future Changes to Investor Reporting
In preparation for Fannie Mae’s forthcoming Future Changes to Investor Reporting, Financial Industry Computer Systems, Inc. (FICS®), a provider of loan origination software, residential servicing software and commercial servicing software, has been working closely with the organization to ensure both its software and current users are fully prepared once the changes take effect on Feb. 1, 2017. With the overarching goal of better aligning with current industry standards, Fannie Mae’s Future Changes to Investor Reporting will help servicers reduce reporting errors by identifying discrepancies earlier in the process and will no longer require servicers to manage reconciliation of security balances.
Beginning in late 2015, FICS began implementing the necessary updates to its residential servicing software, Mortgage Servicer®, in order to meet the upcoming Fannie Mae® changes. As a result of the company’s diligent work with Fannie Mae, FICS has already added programs so that current customers can begin familiarizing themselves with the various system changes made throughout Mortgage Servicer to accommodate the Fannie Mae regulations.
“In preparation for the upcoming Fannie Mae changes, enhancements to our Mortgage Servicer system were designed for ease of use and to provide the flexibility to meet each of our servicers’ unique needs in regards to the new investor reporting requirements,” said Susan Graham, president and chief operating officer of FICS. “As new regulations continue to impact the industry, our knowledgeable staff is always available to help assist our users with any questions and point them in the right direction.”
In addition, FICS has selected a small group of current high-volume Fannie Mae servicers leveraging Mortgage Servicer. They work directly with Fannie Mae and FICS on individual testing plans unique to each servicer. FICS, Fannie Mae, and each of the servicers participating in the testing meet on a weekly basis to discuss their progress and determine any issues that they may have throughout the testing process.
“As soon as I heard about the new changes coming from Fannie Mae, I was immediately interested in becoming a tester for FICS,” said Dayle Leach, managing director of Mortgage Servicing for Kentucky Housing Corporation. “While I am still nervous about how the impending changes will impact our organization, working closely with FICS and Fannie Mae has helped put my mind at ease, and I am thrilled that we are all taking part in the testing as a collaborative unit.”
FICS’ Mortgage Servicer software automates loan servicing operations, including escrow administration, collections, investor accounting and reporting, payment processing, loss mitigation, and year-end reporting. The software is user-friendly and comprehensive, and it provides servicers with immediate access to accurate customer data while maintaining the financial institution’s regulatory compliance.
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial software solutions to the mortgage industry. FICS' systems are designed to operate on Microsoft® Windows® platforms using Microsoft® .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 in its full suite of products. Additional information about FICS is available via the company's website at www.FICS.com.