Skip to main content

FICS loan servicing solution supports HAMP

NationalMortgageProfessional.com
Sep 01, 2009

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 that its residential mortgage loan servicing solution, Mortgage Servicer, has undergone rigorous loan modification and reporting enhancements to meet requirements of the U.S. Treasury Department’s Home Affordable Modification Program (HAMP). HAMP is designed to help millions of homeowners currently in default (or at risk of default) avoid foreclosure by modifying existing mortgage loans to better meet borrowers’ immediate and long-term financial abilities. To achieve this, the program automatically includes as participants the 2,300 servicers that service Fannie Mae and Freddie Mac loans. Servicers can also elect to participate in the program for other qualifying mortgage loans by signing a Servicer Participation Agreement (SPA). According to the U.S. Dept of the Treasury, as of August 4, 38 servicers have signed an SPA. The enhancements to Mortgage Servicer benefit all FICS customers who are participating in HAMP, including those who signed an SPA and Fannie Mae or Freddie Mac servicers. Among other changes, the following enhancements have been incorporated into FICS’ Mortgage Servicer to support HAMP servicing requirements: ► The Loan Modification and Loss Mitigation programs and repayment functionality have been expanded. ► Additional tracking and reporting capabilities have been added. ► Additional features have been made available for the capitalization of delinquent payments and other amounts owed. ► Programs such as Payment processing, various statements and reports have been modified to accommodate the Principal Forbearance amount, which is an option to help reduce a borrower’s payment ratio. ► A Borrower Incentive Program was added to provide the annual “pay for performance” principal credit amount which is an incentive to the borrower to keep the loan current. The program calculates the incentive amounts, tracks the progress, produces various reports, and includes a borrower statement reflecting incentive amounts. ► Added functionality for the Investor Incentive Program. ► Expanded Escrow administration functionality to accommodate HAMP requirements. Furthermore, enhancements were made to FICS’ automated custodial accounting system, Mortgage Accountant, and real-time mortgage loan information product, Real-Time Access (RTA), to accommodate the functionality added to its Mortgage Servicer system. “We have decades of experience in helping mortgage companies and financial institutions successfully navigate the regulatory landscape through the use of innovative technology,” said Susan Graham, president of FICS. “Today’s regulatory environment is constantly changing and evolving and it is our goal to ensure that our technology supports the current requirements and needs of our servicing customers.” For more information, visit www.FICSLoanWare.com.
Published
Sep 01, 2009
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021