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, celebrates its 25th anniversary in 2008.
During its 25 years in the mortgage industry, the company says it has worked with more than 1,200 mortgage loan origination and servicing operations.
FICS was started in 1983 by W. Carl Gahan and John A. Saar. The first product offering was Mortgage Servicer, written in the Basic programming language and operating on a personal computer with a four megahertz processor, 512k of memory and a 10-megabyte hard drive. The system could only handle around 2,000 loans, but it was considered a major advancement in servicing options for small mortgage lenders in comparison to the mainframe servicing technology of the times.