DALLAS–(BUSINESS WIRE)–FICS® (Financial Industry Computer Systems, Inc.), a leading mortgage loan origination software, residential servicing software and commercial servicing software provider, recently hosted its 34th Annual Users’ Conference. The April virtual conference had more than 300 lenders, servicers, and other industry partners participating.
FICS’ customers enjoyed virtual 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 COVID-19 forbearance plans, eMortgages, the upcoming migration from LIBOR to SOFR, and Uniform Loan Application Dataset (ULAD) and Uniform Closing Dataset (UCD) updates. Anita Brinkman, Manager of Servicing and Reporting for Rose Community Capital, said, “With the 2021 FICS Users’ Conference being virtual, I didn’t know what to expect. It wasn’t the typical conference where we got to see everyone and interact with the FICS staff and other users in person, but it was filled with so much information. I was able to see things that I forget the system can do to help our processes. It is also a way to have input in new functionality added to the system. I look forward to the Users’ Conference every year.”
In his session, “The Migration from LIBOR to SOFR,” Raj Aidasani, Senior Director of the CRE Finance Council (CREFC)®, discussed the differences between LIBOR and SOFR and compared two frameworks for using SOFR: “In Advance” versus “In Arrears”. “In commercial real estate, there is a preference for the ‘in advance’ given its operational ease and the importance of being able to convey the rate prior to the interest accrual period,” said Aidasani. “The GSEs have adapted the ‘in advance’ framework and recently, the ARRC’s Securitizations Working Group published a white paper where ‘in advance’ was the favored approach. However, the ‘in arrears’ methodology may be preferred by some market participants, and we expect to continue to work on conventions for an ‘in arrears’ framework.”
Fannie Mae® representatives discussed forbearance-related changes to the Servicing Management Default Underwriter and new/upcoming features in Property 360 (their expense reimbursement software) during their session, “SMDU™ Updates: Implementing Policy Updates for Borrowers Impacted by COVID-19.”
In their ULAD/UCD Updates session, Fannie Mae® and Freddie Mac® representatives reviewed the new Uniform Residential Loan Application (URLA) and outlined five steps lenders should take to prepare for Phase 1 of the UCD Critical Edits transition plan, starting 5/31/21.
In their eMortgages session, Mike Cafferky, Fannie’s Mae’s Product Manager for eMortgages, and Brian Pannell, DocMagic’s Chief eServices Executive, reviewed the benefits to borrowers and lenders of eClosings and discussed special considerations when implementing hybrid or completely electronic closings. Pannell and FICS’ Krista Harris demonstrated how to implement a hybrid eClosing with Loan Producer® and Doc Magic®.
Dawn Gibbs, CEO, and Susan Graham, President/COO, welcomed conference attendees and recognized FICS’ staff’s dedication to providing exceptional customer support this past year throughout the pandemic. “Many new customers joined the FICS family during a challenging time, exemplifying the confidence our customers have in FICS’ systems and support,” said Graham.
The 2022 Users’ Conference will be held April 12th – 14th in Dallas.
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, housing agencies, banks, and credit unions. FICS’ software solutions provide customers the flexibility to choose an in-house or cloud hosting solution. The company also provides innovative document management, API, and web-based capabilities in its full suite of products. Visit www.fics.com for more information about our exceptional mortgage software solutions.