FICS® Hosts 33rd Annual Users’ Conference, Celebrates Continued Technology Innovation, Regulatory Readiness
DALLAS–(BUSINESS WIRE)–Financial Industry Computer Systems, Inc. (FICS®), a leading mortgage loan origination software, residential servicing software and commercial servicing software provider, recently hosted its 33rd Annual Users’ Conference in Dallas. The April conference had almost 300 lenders, servicers, and other industry partners attending.
FICS’ customers enjoyed live demonstrations of new product features and enhancements as well as educational sessions surrounding regulatory changes affecting the mortgage industry. Special sessions featured comprehensive overviews of the system functionality in Loan Producer®, Commercial Servicer® and Mortgage Servicer®. Industry experts discussed Consumer Financial Protection Bureau (CFPB) changes, TRID 2.0, the new Uniform Loan Application Dataset (ULAD) and Uniform Residential Loan Application (URLA), and the Freddie Mac Investor Reporting Change Initiative (IRCI). FICS® employees and customers shared best practices via workshops, open forums and informal conversations. Sharon Kirk, Assistant Vice President Mortgage Servicing for Interra Credit Union, said, “FICS’ Users Conference is an excellent way to not only connect with FICS’ staff but also with other system users. This networking provides us with the ability to share best practices and solutions to industry issues, making us all stronger users and Servicers.”
Dawn Gibbs, CEO and chairman of the board for FICS®, kicked off the 33rd conference on Wednesday night by welcoming FICS® customers and celebrating FICS’ technology innovations that have played an important role in pushing the mortgage industry forward. “A testament to their staying power, Mortgage Servicer®, Commercial Servicer®, and Loan Producer® have been rewritten twice over the years to their current 3rd generation versions in .NET,” stated Gibbs. “FICS’ other products have been rewritten several times as well to ensure they also stay current with the latest technology, give customers and borrowers a satisfying user experience, and provide a mortgage solution with the functionality necessary to remain competitive in the industry.”
Freddie Mac’s John Felix and Treaty Armstrong reviewed the new reporting requirements under the IRCI, focusing on the 45-day cutover period that runs from April 16 through June 3, 2019. Freddie Mac’s Colleen Flaxington discussed the features and benefits of the new URLA, for which optional use begins July 1, 2019. To prepare for these changes, lenders should take advantage of the videos and other resources on the IRCI and ULAD/URLA pages of the Freddie Mac® and Fannie Mae® websites as well as establishing a relationship with their GSE representatives.
In their session, Morton Baird, Michael Baird and Kaitlin Valentine of Baird Law, PLLC, discussed recent changes in leadership and enforcement activity at the CFPB. Described by Morton Baird as a “lightning rod of controversy,” the CFPB is facing challenges in all three government branches. Enforcement activity and restitution have significantly declined under Directors Mulvaney and Kraninger. The Baird Law representatives also outlined the changes and clarifications under TRID 2.0. FICS® updates their software regularly to keep up with applicable regulatory changes.
In her keynote speech, Susan Graham, president and COO of FICS®, elaborated on how FICS® has developed innovative new automation tools to improve the user experience. “At FICS®, we strive to develop software that provides an exceptional experience for our customers and their borrowers,” says Graham. “This past year we’ve focused on improving the user experience by building in more automation to accommodate regulatory changes and increase efficiency for mortgage lenders and servicers. FICS® is committed to helping our customers operate efficiently, comply with industry regulations and deliver incomparable customer service to their borrowers.”
The 2020 Users’ Conference will be held April 7th – 9th in Dallas.
About FICS®
Financial Industry Computer Systems (FICS®) is a leading mortgage software company specializing in flexible, cost-effective, in-house mortgage loan origination, residential mortgage servicing and commercial mortgage servicing software for mortgage lenders, banks and credit unions. FICS’ software solutions operate on Microsoft® Windows® platforms using Microsoft® .NET Framework and provide customers the flexibility to choose an in-house or cloud hosting solution. The company also provides innovative document management and web-based capabilities in its full suite of products. Visit www.fics.com for more information about our exceptional mortgage software solutions.
Contacts
Stephen Sprayberry
[email protected]
678.781.7207
This article published with permission from Business Wire
