FICS Adds Mortgage Insurance Interface to Loan Producer
|August 28, 2007|
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 added a new Mortgage Insurance interface to its residential mortgage loan origination system, Loan Producer®.
The Mortgage Insurance interface enables lenders to quickly and easily submit data to receive mortgage insurance commitments and updates for primary insurance requests. The interface is designed to provide lenders using the Loan Producer system with a means to send mortgage insurance applications directly from Loan Producer to any mortgage insurance provider that offers a web service that complies with the Mortgage Industry Standards and Maintenance Organization's (MISMO) Mortgage Insurance Application Request and Response requirements. Mortgage insurance providers will then automatically process the request and send status updates along with the commitment and certificate of insurance directly back to Loan Producer. This process results in a seamless mortgage insurance ordering process that enhances the overall efficiency for lenders.
"The mortgage lending industry and its technology requirements are continuously changing and evolving," said Dawn Gibbs, president and CEO of FICS. "To meet the new industry requirements, FICS was able to use the standards developed by MISMO, to provide a single vendor neutral interface for our lenders without having to develop custom interfaces specifically for each mortgage insurance provider. This ensures our customers have the solutions and tools needed to compete and succeed in today's lending environment."