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FICS® Releases Remaining 2018 HMDA Changes in Preparation for New HMDA Rules

FICS® Releases Remaining 2018 HMDA Changes in Preparation for New HMDA Rules

DALLAS, December 20, 2017 –Financial Industry Computer Systems, Inc. (FICS®), a leading mortgage loan origination software, residential servicing software and commercial servicing software provider, has released its remaining 2018 HMDA system updates for Loan Producer®, FICS’ residential mortgage loan origination software, in advance of the January 2018 go-live date for the Consumer Financial Protection Bureau’s (CFPB) newest HMDA rules. With the launch of these latest system changes, as well as those implemented earlier in 2017, FICS® has successfully provided its Loan Producer® customers with ample opportunity to begin collecting data and creating and testing 2017 and 2018 HMDA files. The 2017 HMDA file can be further tested by uploading to the CFPB’s new HMDA portal.

As part of the latest release of Loan Producer® updates, users now have access to all the data fields required for the 2018 collection year and can also begin creating their new 2018 files. More specifically, Loan Producer® users now have the ability to enter their newly acquired Legal Entity Identifier (LEI) and create the Universal Loan Identifier (ULI) in order to accommodate the 2018 HMDA changes.

QuestSoft®, a provider of automated compliance software, offers Instant HMDA as an integrated solution within FICS’ Loan Producer® system.  FICS® and QuestSoft® worked together to provide customers with an additional resource for HMDA data validation. QuestSoft® has agreed to provide all Loan Producer® customers free access to the Instant HMDA platform for 90 days. Through its integration with Loan Producer®, Instant HMDA provides lenders with the easiest, fastest, and most cost-effective HMDA data validity solution available today, allowing users to easily correct validity and quality errors at the point of contact.

“These latest updates from the CFPB represent the most significant changes to HMDA since it was originally introduced and will likely present lenders with challenges prior to the go-live date and beyond,” said Leonard Ryan, president of QuestSoft®. “With free access to Instant HMDA in addition to FICS’ updates throughout 2017, Loan Producer® customers will be well-equipped to handle the evolving regulatory landscape as we enter the new year.”

FICS’ Loan Producer® provides lenders with the tools necessary to automate the entire loan origination process from end to end. The advanced lending software follows the loan from point of sale through processing, tracking, underwriting, closing, funding, and secondary marketing. Additionally, through the MISMO® interfaces incorporated within Loan Producer®, users gain the flexibility to select their preferred vendors for document and fulfillment services, mortgage insurance, title services, property valuation, and flood zone determinations.

“Throughout 2017, our goal has been to give our customers the tools and support necessary to understand the newest HMDA changes, while providing system updates and resources to successfully implement these changes through the Loan Producer® platform,” said Susan Graham, president and COO of FICS®. “As we near the January go-live date for these changes, FICS® remains dedicated to helping our customers prepare for the impact on their business in the short term, as well as for future updates that may emerge.”

               

About FICS
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’ software solutions have been architected to take advantage of the Microsoft® Windows® platforms using Microsoft® .NET Framework with a rich Windows® Presentation Foundation user interface and provides customers the flexibility to choose an in-house solution or cloud solution.  The company also provides innovative document management and web-based capabilities in its full suite of products. Learn more about FICS’ mortgage software solutions at www.FICS.com.

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