FICS Releases Upgrades to Residential LOS

DALLAS – Financial Industry Computer Systems Inc. (FICS), a provider of loan-origination software (LOS) to credit unions and other financial institutions, has released an upgrade to its Loan Producer LOS system, the company says. The upgrade centers on enhancements to closing cost itemization and tax and insurance notation, the company says, allowing credit unions and other lenders to better accommodate the current market by defining and allocating sources of monies received outside of closing. “Acting on valuable feedback from our clients regarding their use of Loan Producer, we believe that FICS has improved the origination process by expanding the options for closing costs documentation and reporting,” says Dawn Gibbs, president and CEO of Dallas-based FICS (www.loanware.com). “Now, there is no doubt which party is responsible for paying certain costs, removing some of the anxiety surrounding what, for many borrowers, is a confusing and often difficult process to understand and complete,” Gibbs says.