Financial Industry Computer Systems Inc.'s (FICS) residential loan servicing platform, Mortgage Servicer, has undergone loan modification and reporting enhancements to meet the requirements of the Home Affordable Modification Program (HAMP), the company says.
To support the program, additional tracking and reporting capabilities have been added to Mortgage Servicer, and delinquent payments and other amounts owed can now be capitalized through the platform.
Payment processing, various statements and reports have been modified to accommodate the principal forbearance amount, FICS says. The platform now also features a Borrower Incentive Program, which was added to calculate borrowers' pay-for-performance incentive amounts, track a loan's progress, produce various reports and include a borrower statement reflecting incentive amounts.
The Investor Incentive Program in Mortgage Servicer has added functionality, and escrow administration functionality has been expanded to accommodate HAMP requirements, FICS adds.