Cascade Financial Services Implements FICS’ Mortgage Servicer to Assist with Ginnie Mae Reporting
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, announced the successful implementation of Mortgage Servicer™ at Mesa, Ariz.-based Cascade Financial Services.
Cascade Financial Services is a full service mortgage bank that specializes in providing land/home-lending solutions for the manufactured housing industry. The company had a goal to move away from delivering loans on a flow basis to financial institutions that purchase loans on a correspondent basis. This enables the organization to be completely independent of secondary investors utilizing its status as an issuer of Government National Mortgage Association (Ginnie Mae) securities. At the time Cascade Financial Services did not have an in-house servicing operation and in order to be a Ginnie Mae issuer, an organization must have servicing capabilities or outsource the servicing to a third party. Cascade Financial Services realized that in order to successfully meet its goal of becoming independent of secondary investors it needed to establish a servicing division and implement an automated servicing solution that would not only automate the servicing of its loan portfolio but also have the ability to report directly to Ginnie Mae’s Reporting and Feedback System (RFS). Cascade Financial Services selected FICS’ residential mortgage servicing system to serve as the backbone of its servicing operation because of its ability to meet its specific requirements.
“Moving away from secondary investors was a critical part of our business plan,” said George Dover, CEO of Cascade Financial Services. “Secondary investors are very particular when it comes to Manufactured Housing. Due to this niche we operate in being able to securitize our retail originations through Ginnie Mae and the ability to service those loans was critical to us.”
“The reporting standards for Ginnie Mae are very complex and if it is not done correctly, our standing with Ginnie Mae would be in jeopardy,” continued Dover. “We selected FICS because of their ability to interact with Ginnie Mae, their ability to comprehensively answer our questions and because they have clients that are successfully using the Ginnie Mae reporting feature in Mortgage Servicer. We couldn't remain in compliance with Ginnie Mae and meet the reporting requirements they have without the Mortgage Servicer software. FICS’ platform seems to be best suited for mortgage bankers that are also Ginnie Mae issuers.”
The Mortgage Servicer system includes Radstarâ, a Report And Document Storage And Retrieval system, which provides Cascade Financial Services with the tools necessary to easily produce reports and move towards a paperless mortgage operation. “I recently performed an audit of our servicing department and used Radstar to monitor the reports and documents that had recently been generated,” said Dover. “Radstar is a critical piece of the servicing platform.”
“Having the Ginnie Mae investor reporting feature embedded in Mortgage Servicer enables Cascade Financial Services to report to Ginnie Mae without having to perform any customization and continue to remain in compliance with Ginnie Mae’s reporting requirements,” said Susan Graham, president of FICS. “The feature makes for a more efficient and resourceful servicing solution and provides Cascade Financial Services with the solutions needed to succeed in today’s challenging environment.“
About Cascade Financial Services
In 1999 Cascade Financial Services began offering conventional financing terms that were previously unavailable to buyers of Manufactured Homes. Today Cascade Financial Services is a full service mortgage bank that specializes in providing land/home-lending solutions for the manufactured housing industry in the Arizona, Texas, New Mexico, California, Oregon and Colorado market. The company’s primary product is the FHA one time close construction-to-permanent mortgage.
Additional information is available via http://cascadeloans.com.
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS) specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' solutions are designed around the latest in Windows-based technology, while incorporating innovative document management and Web-based capabilities into its full suite of products.
Additional information about FICS is available via the company's Web site at www.FICSLoanWare.com.com.