FICS Announces Option ARM Servicing Capabilities with Mortgage Servicer at MBA National Mortgage Servicing Convention & Expo.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Financial Industry Computer Systems, Inc. (FICS FICS Fellow of the International College of Surgeons. ), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced today at the Mortgage Banker's Association National Mortgage Servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. Conference & Expo that users of its Mortgage Servicer solution now have the capability to easily service Option ARM loans. This type of adjustable rate mortgage This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. loan enables borrowers to manage monthly cash flow by having the flexibility of making one of several possible monthly payments on their loan. Due to the increasing number of Option ARM loans originated today in the mortgage industry, the need for a solution to efficiently service these loans arose. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. company officials, to accurately meet the demands of the industry and the requests from existing customers, FICS made the commitment to enhance the Mortgage Servicer solution with the capability to service the adjustable rate mortgage loans known as Option ARMs. "The Option ARM servicing capability enhancement has helped us tremendously," said Kristy Kowalczik, Data Integrity supervisor at Ocala, Fla.-based Taylor Bean and Whitaker. "It has eliminated the manual process of calculating the payment options every month. It also provides an easy reference for previous and upcoming interest rates and payment amounts instead of re-calculating based on history balances and interest rates." "We listen carefully to our customers and take their requests into account when designing upgrades to all of our products and services," said Dawn Gibbs, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of FICS. "Taking industry developments into consideration and acting on valuable feedback from our clients, we believe that FICS has improved the servicing process by expanding on the types of loans the system is able to service." About FICS Founded in 1983 and headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , Financial Industry Computer Systems, Inc. (FICS) specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' solutions are designed around the latest in Windows-based technology, while incorporating innovative document management and Web-based capabilities into its full suite of products. Additional information about FICS is available via the company's Web site at www.loanware.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion