Mortgage tech specialist Financial Industry Computer Systems Inc. (FICS) says that 12 of its servicing lender clients are recognized on the U.S. Department of Housing & Urban Development's (HUD) Tier Ranking Round 34 in the Tier One category. S
erving as the highest-ranking category available from HUD, the Tier One ranking indicates the best servicing performance as it relates to the application of HUD's loss mitigation.
The results were calculated using established criteria for HUD's Tier Ranking System (TRS) based on activity from Oct. 1, 2007 through Sept. 30, 2008. HUD implemented the TRS in 2000 as a way to measure a servicer's utilization of HUD's loss mitigation program. Regardless of a servicer's TRS ranking, every active FHA servicer's use of the three loss mitigation retention tools – special forbearance, mortgage modification and partial claim – is reviewed.
"It has always been one of our goals to reach and maintain a HUD Tier One ranking, and we are very proud of our recent achievements," said Donald Pfost, vice president of Aurora Financial Group Inc.'s mortgage servicing division. "Without having the proper staff and servicing system in place, we may not have had as much success meeting our goals and objectives. FICS had provided us with the resources and flexibility to effectively service and manage various loan portfolios whose requirements vary from investor to investor."