Financial Industry Computer Systems, a Dallas-based provider of mortgage origination and servicing software, is celebrating its 25th year in business. During its quarter-century of business, FICS has worked with 1,200 mortgage companies. The company's first product, Mortgage Servicer, was written in Basic programming language with a four megahertz processor, 512k of memory, and could only handle up to 2,000 loans. The system was rewritten for Windows by 1996 using PowerBuilder programming in a 32-bit processing environment. Today, the company offers six Windows-based products as well as several Web-based services. FICS can be found on the Web at www.ficsloanware.com.
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The industry leaders are sparring over refinance business from a Mr. Cooper portfolio, and UWM contends it didn't specifically try to harm its rival.
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The trade group supports FHFA's overhaul but urges longer comment periods, more flexibility and protections to prevent unintended consequences.
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The drop in the annual metric for FHA loans was the biggest in over four years but other performance indicators ICE Mortgage Technology tracked were mixed.
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NJ Lenders suffered a cyberattack last August, which potentially exposed the names and social security numbers of about 30,000 individuals.
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Its origination volume of $621.8 million was an increase of $114 million compared with the first quarter but its gain-on-sale was 5 basis points lower.
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The mortgage subsidiary of PlainsCapital Bank saw improvement in its bottom line but remained in the red amid ongoing affordability constraints.
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