FICS Servicing Customers Can Now Import Directly into Fannie Mae’s MBS Reporting System

FICS Among the First to Complete Testing for Import of MBS Pools

DALLAS--(BUSINESS WIRE)--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 it has successfully completed testing with Fannie Mae for import into the MBS Reporting System. FICS users will now have the ability to import Fannie Mae MBS pools through the MBS Reporting system with FICS’ residential mortgage loan servicing system, Mortgage Servicer^™.

“Our being among the first vendors to complete the testing with Fannie Mae for import into the MBS Reporting System is another validation of our dedication to maintaining a strong relationship with Fannie Mae to meet the ongoing needs of our customers”

The MBS Reporting System is a Web-based application that enables servicers of mortgage backed security (MBS) pools to import files, edit data, generate reports, export projection and security balance data and submit MBS security balance data for processing by Fannie Mae. Having this solution directly interfaced with Mortgage Servicer enables FICS customers to benefit from an increase in productivity due to the reduced amount of time it takes to research and make error corrections, and by using several enhanced functions for maintaining pool records that are available within the web application.

“Our being among the first vendors to complete the testing with Fannie Mae for import into the MBS Reporting System is another validation of our dedication to maintaining a strong relationship with Fannie Mae to meet the ongoing needs of our customers,” said Dawn Gibbs, president and CEO of FICS. “With this integration, our customers will greatly increase productivity, reduce the amount of manual data input required and benefit from the ability to maintain pool records in the system.”

MBS Reporting replaces the MBS Reporting ("Call-in") component of the MORNET Servicing Support System® (MSSS®), the P&I Draft Amount Notification process and the MORNET Data Interchange Bridge (MDIB). Because the MBS Reporting system is web-based, many servicers will now be able to eliminate the required IT support staff and separate computer terminal required to run the previous DOS-based MSSS system.

About FICS

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' 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.