Jeff Weinstock: MISMO Allows For ‘Consistent Experience’ In The Mortgage Process
PERSON OF THE WEEK: For nearly 33 years, Dallas-based Financial Industry Computer Systems Inc. (FICS) has been providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. This includes Loan Producer, a loan origination system that can be used to automate the entire origination process including point of sale, processing, doc prep, tracking, underwriting, closing, funding and secondary marketing. The firm also offers Mortgage Servicer, a loan servicing platform offering tools for automating functions such as escrow administration, collections and delinquency management, investor accounting, payment processing, modifications, year-end reporting and more.
FICS offers a particularly compelling value proposition for lenders that service their own loans, in that the two core systems are built on the same code, thus making the onboarding of new loans more accurate, reliable and effortless compared with the "mix and match" approach to system integration.
Of course, FICS' systems can be readily integrated with LOSs, servicing platforms and ancillary solutions from other leading mortgage software vendors, too. Making this possible is the fact that the firm was a very early adopter of the MISMO data standard, which establishes a common interface approach that makes the integration between systems a lot easier than it would've been in the past.
To learn more about the benefits of using MISMO data sets as a method of translation between systems, as well as what's new in MISMO version 3.4, MortgageOrb recently interviewed Jeff Weinstock, business integration manager at FICS. Read More Here.