Financial Industry Computer Systems Inc. (FICS), a provider of loan origination software, residential loan servicing software and commercial loan servicing software, announced that 11 of its servicing lender clients have been recognized in the Tier One category for the U.S. Department of Housing & Urban Development’s (HUD) Tier Ranking Round 38. Serving as the highest-ranking category available from HUD, the Tier One ranking recognizes those lenders with the best servicing performance in the application of HUD's loss mitigation program.
The results were calculated using established criteria for HUD’s Tier Ranking System (TRS) based on activity during Oct. 1, 2008 through Sept. 30, 2009. HUD implemented the TRS in 2000 as a way to measure servicer’s utilization of HUD's loss mitigation program. Servicers are measured on the use of three loss mitigation tools: Special forbearance, mortgage modification and partial claim. FICS’ customers on the list say that their loan servicing software, Mortgage Servicer, has helped them achieve this listing.
“At Texas Trust we are very proud to be a Tier One FHA servicer,” said Richard Whitman, vice president of Mortgage Services for Texas Trust Credit Union in Mansfield, Texas. “FICS’ Mortgage Servicer has been instrumental in the servicing of our FHA portfolio. Their tools and reporting capabilities have enabled us to efficiently evaluate and manage workout options and mitigate losses.”
Troy Taylor, director of servicing for Cascade Financial Services, added, “FICS has been instrumental in helping our small company achieve Tier One ranking with the FHA because it gives us the same tools to monitor and track accounts that the big servicers use while still fitting our budget.”
Mortgage Servicer automates servicing functions, including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting, The software supports electronic document management through the use of Radstar and Web options to meet the needs of technologically savvy mortgage loan servicers, borrowers and investors.
“Lenders today are under increasing pressure to modify loans and keep borrowers in their homes,” said Susan Graham, president of FICS. “Our 11 Tier One customers are proof that using servicing software such as Mortgage Servicer enables servicers to successfully meet the requirements of HUD’s loss mitigation program on their FHA loans.”
For more information, visit www.FICSLoanWare.com.