NAHB report: New homes inventory continues shrinking in March

NAHB report: New homes inventory continues shrinking in March

April 26, 2009

Cascade Financial Services Implements FICS’ Mortgage Servicer to Assist with Ginnie Mae Reporting MortgagePress.comncial Industry Computer Systems, Cascade Financial Services, Mortgage Servicer, Radstar, paperless mortgage operation
Financial Industry Computer Systems Inc. (FICS), a mortgage
technology specialist that provides in-house residential
origination and servicing technology and commercial servicing
technology to the mortgage industry, announced the successful
implementation of Mortgage Servicer at Mesa, Ariz.-based Cascade
Financial Services.
Cascade Financial Services is a full service mortgage bank that
specializes in providing land/home-lending solutions for the
manufactured housing industry. The company had a goal to move away
from delivering loans on a flow basis to financial institutions
that purchase loans on a correspondent basis. This enables the
organization to be completely independent of secondary investors
utilizing its status as an issuer of Government National Mortgage
Association (Ginnie Mae) securities. At the time Cascade Financial
Services did not have an in-house servicing operation and in order
to be a Ginnie Mae issuer, an organization must have servicing
capabilities or outsource the servicing to a third party. Cascade
Financial Services realized that in order to successfully meet its
goal of becoming independent of secondary investors it needed to
establish a servicing division and implement an automated servicing
solution that would not only automate the servicing of its loan
portfolio but also have the ability to report directly to Ginnie
Mae's Reporting and Feedback System (RFS). Cascade Financial
Services selected FICS' residential mortgage servicing system to
serve as the backbone of its servicing operation because of its
ability to meet its specific requirements.
"Moving away from secondary investors was a critical part of our
business plan," said George Dover, CEO of Cascade Financial
Services. "Secondary investors are very particular when it comes to
Manufactured Housing. Due to this niche we operate in being able to
securitize our retail originations through Ginnie Mae and the
ability to service those loans was critical to us."
"The reporting standards for Ginnie Mae are very complex and if
it is not done correctly, our standing with Ginnie Mae would be in
jeopardy," continued Dover. "We selected FICS because of their
ability to interact with Ginnie Mae, their ability to
comprehensively answer our questions and because they have clients
that are successfully using the Ginnie Mae reporting feature in
Mortgage Servicer. We couldn't remain in compliance with Ginnie Mae
and meet the reporting requirements they have without the Mortgage
Servicer software. FICS' platform seems to be best suited for
mortgage bankers that are also Ginnie Mae issuers."
The Mortgage Servicer system includes Radstar, a Report And
Document Storage And Retrieval system, which provides Cascade
Financial Services with the tools necessary to easily produce
reports and move towards a paperless mortgage operation. "I
recently performed an audit of our servicing department and used
Radstar to monitor the reports and documents that had recently been
generated," said Dover. "Radstar is a critical piece of the
servicing platform."
"Having the Ginnie Mae investor reporting feature embedded in
Mortgage Servicer enables Cascade Financial Services to report to
Ginnie Mae without having to perform any customization and continue
to remain in compliance with Ginnie Mae's reporting requirements,"
said Susan Graham, president of FICS. "The feature makes for a more
efficient and resourceful servicing solution and provides Cascade
Financial Services with the solutions needed to succeed in todays
challenging environment."
For more information, visit www.cascadeloans.com or www.FICSLoanWare.com.

Trends

Subscribe to the nmp Daily

Subscribe to the nmp Daily