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, says that its residential mortgage loan servicing system, Mortgage Servicer, and its commercial mortgage loan servicing system, Commercial Servicer, now have the ability to report directly to the Government National Mortgage Association (Ginnie Mae) via Ginnie Mae's new Reporting and Feedback System (RFS).
Ginnie Mae's RFS is a new system being implemented to streamline processes for reporting remaining principal balances, pool accounting data and loan-level data on a monthly basis. The new system will streamline the reporting process by consolidating the reporting of monthly security RPB, monthly pool reporting and loan-level reporting into a single reporting process.
According to FICS, with the Ginnie Mae reporting feature directly embedded in Mortgage Servicer and Commercial Servicer, FICS customers benefit from the ability to interface directly with Ginnie Mae without having to perform any customization and continue to remain in compliance with Ginnie Mae's reporting requirements.
Source: FICS
