Compliance

With today’s rapidly changing regulatory requirements, it is extremely important to select a vendor that is dedicated to making quick and accurate updates to enable its customers to be compliant with industry regulations. FICS’ client base has been, and continues to be, at the forefront when it comes to compliance. Obtain the peace of mind you deserve and select a vendor whose priority is to provide its clients with the necessary tools and technology to be in compliance.

Documents

FICS partners with Wolters Kluwer Financial Service’s VMP Mortgage Solutions for mortgage loan documents. VMP’s continuously up-to-date, compliant forms are the most widely used and accepted mortgage forms on the market. FICS has adopted VMP’s form-centric file architecture with global data dictionary (GDD) field tagging.

System Updates

FICS systems are in compliance with applicable regulatory requirements, and downloadable software releases promptly address any changes. This ensures that you will never be left behind when new regulatory changes come about from industry regulators. Scheduled updates also ensure that you’ll have the latest enhancements to FICS systems as quickly as possible.

HMDA

HMDA regulatory disclosure requirements are built right into Loan Producer. To eliminate the re-keying of data, the application information is extracted directly from the system into the HMDA file. Create a HMDA Loan Application Register for any period you desire upon demand. Create the HMDA data file that is submitted electronically to the HMDA Processing Agency: you can create this file for a specific quarter or date range and by HMDA Lender. These options allow you to proactively manage your HMDA reporting throughout the year. Import current Average Prime Offer Rates and the system will automatically calculate the rate spreads for each applicable loan.

Instant Geocoder

QuestSoft's Instant Geocoder is integrated into the system for automated geocoding and address verification. This includes the verification of census tract, county code, MSA code, and state code information for the subject property. (Additional fee applies from QuestSoft.)

Section 32 Mortgage Fees

Closing fees can be classified as Section 32 fees if the fee is to be included in the points and fees payable by the consumer as defined under Regulation Z, Section 226.32. These are commonly called Section 32 mortgages for which an additional disclosure is required due to high APR rates or high fees.

Mortgage Electronic Registration Systems, Inc. (MERS)

MERS is a national electronic registry for tracking the ownership and changes of mortgage rights. The MERS interface allows you to generate the Mortgage Identification Number (MIN), MERS Registration File, MERS Registration Detail Recap Report, and MERS Registration Detail Exception Report. The MERS Registration File is used for transferring loan data to MERS.

Financial Industry Computer Systems