FICS Increases MISMO® Integration Capabilities, Supports Numerous Third-Party Services
Integration with data standards enables support of more than 130 vendors
For FICSDavid Jones, 678-781-7238
As standardized digital loan data helps lenders streamline their processes, (FICS), a provider of (LOS), and for the mortgage industry, has increased its integration capabilities with the Mortgage Industry Standards Maintenance Organization (MISMO) to support multiple third-party services, including: credit, flood, title, mortgage insurance, property valuations, automated underwriting, investor loan delivery and document services.
With MISMO supported across both of FICS’ residential platforms, lenders can integrate with more than 130 vendor systems -- maximizing efficiency and automation. Because FICS employs a “vendor agnostic” approach to its interfaces, it has been able to expand its vendor network with no additional costs to its lender customers or the third-party service providers. Its customers are also able to more quickly begin working with their new vendor of choice without undergoing any additional programming or systems updates.
MISMO, a not-for-profit subsidiary of the Mortgage Bankers Association (MBA) that develops technology standards for the mortgage market, ensures that the various technology systems employed by lenders all use the same loan-level data. This results in more accurate underwriting, improved compliance, and a reduction in time spent on data entry and managing loan files.
“Every lender and servicer has a unique mix of technology needs for managing their loans,” said Susan Graham, president and COO of FICS. “FICS is committed to helping our customers achieve the most flexibility in managing their loan portfolios, by ensuring that Loan Producer and Mortgage Servicer can integrate with any software that meets most common MISMO standards for certain transaction sets. Additionally, FICS undergoes thorough integration testing with all third-party service providers before including them on our listing of integrated vendors.”
FICS provides mortgage companies full automation, from origination through servicing, with its three flagship products – Loan Producer, Mortgage Servicer and Commercial Servicer. Loan Producer provides lenders with a fully automated LOS that streamlines underwriting, compliance and closing mortgage files while providing a rich graphical interface for increased usability. Mortgage Servicer automates the servicing of residential portfolios, including support for escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. FICS’ Commercial Servicer provides commercial lenders with tools to manage commercial real estate portfolios with investor reporting, payment management and support for servicing lines of credit and loans for equipment or inventory.
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 to operate on Microsoft Windows platforms with the most recent solutions written 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 .