FICS® (Financial Industry Computer Systems, Inc.), a leading provider of mortgage loan origination software, residential servicing software, and commercial servicing software solutions, has successfully completed testing for Fannie Mae’s event-based escrow reporting initiative. This supports both of the Government Sponsored Enterprise’s (GSE) approved submission methods: direct API transmission and CSV file upload. FICS servicing clients have begun onboarding with Fannie Mae in advance of the new reporting deadlines.
FICS moved through the testing phases ahead of schedule. Test files for Fannie Mae escrow event reporting were successfully uploaded to Fannie Mae’s User Portal beginning in early July, and beta testing for electronic API transmission of escrow events commenced in August.
In testing, FICS lenders have demonstrated the ability to successfully submit the full range of mortgage payment types required under Fannie Mae’s reporting scenarios, including escrow payments, escrow disbursements, subsidy payments, loss draft transactions, and escrow refunds.
“Getting our test connection validated with FICS was straightforward, and now we’re able to submit the full range of escrow event data with confidence that it’s meeting Fannie Mae’s reporting requirements,” said Sonya Arthur, Senior Manager – Customer Service and Escrow, West Virginia Housing Development Fund. “That kind of readiness matters when a new reporting mandate comes down. We know that FICS will have our back and we won’t have to scramble or worry about missing deadlines.”
By supporting both the API and CSV upload paths, FICS gives servicers flexibility in meeting Fannie Mae’s event-based escrow reporting requirements. Mortgage Servicer supports them whether they have prepared for full system-to-system integration or need a manual interim option without disrupting existing servicing workflows.
“We wanted to meet Fannie Mae’s new requirement without adding a lot of manual burden on our team, and FICS’ upload process made that possible,” said Dawn Easley, Senior Vice President/Investor Accounting, Standard Mortgage Corporation. “FICS walked us through the file submission process, and we were able to start reporting escrow events to Fannie Mae without having to overhaul our workflow to do it.”
“Fannie Mae’s event-based reporting requirements ask servicers to rethink how escrow data moves through their systems, so we built out both the API and CSV upload paths from day one rather than making clients choose,” said Aaron Lynch, Co-President and CTO of FICS. “Completing testing on both methods ahead of schedule means our servicers can start onboarding with Fannie Mae now, on whichever timeline fits their own operations, instead of waiting on us to catch up.”
About FICS®
FICS® (Financial Industry Computer Systems, Inc.) is a leading mortgage software company specializing in flexible, cost-effective, in-house mortgage loan origination, residential mortgage servicing, and commercial mortgage servicing software for mortgage lenders, housing agencies, banks, and credit unions. FICS’ software solutions provide customers the flexibility to choose an in-house or cloud hosting solution. The company also provides innovative document management, API, and web-based capabilities in its full suite of products. Visit www.fics.com for more information about our exceptional mortgage software solutions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260929773520/en/
Media gallery
