Advancements in Mortgage Servicing Technology

First Choice Loan Services Inc. chose to use Mortgage Servicer to assist with the automation of its interim servicing operations, Financial Industry Computer Systems Inc. said on March 27.

First Choice cited FICS’ flexible and comprehensive technology interface as well as a highly-skilled support team as key factors in its decision to go with the Dallas-based service provider.

“Mortgage Servicer automates key loan servicing operations including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting,” the statement said.

A March 13 news release from Applied Business Software Inc. indicated that Version 2.1 of The Mortgage Office — software for loan servicing and mortgage pooling — has rewritten architecture.

“With version 2.1, the collateralized mortgage obligation module received a full overhaul, including several robust new features,” Applied Business said. “These include holder smartviews and custom fields, auto-attachment of holder statements, and business contact lists. The module now allows for evaluation of loan portfolios, a feature also found in the associated shares owned and capital invested modules.”

CoreLogic Inc. announced last month that its IntelliMods loan modification decisioning tool has been integrated into Fannie Mae’s Servicing Management Default Underwriter platform.

The integration is expected to ensure consistent interpretation of Fannie’s servicing policy, eliminate the need to integrate directly with Fannie’s platform and display Fannie’s recommended options on the servicer’s default management system.

Clients of Quandis Inc. can expect a reduction in development and implementation times with its new Custom Form Builder, the Foothill Ranch, Calif.-based firms recently said. The offering can be utilized for, among other things, short sale forms, foreclosure processing forms and valuations forms.