MIMICS Real Estate System tracks real estate owned by the financial institution from foreclosure through the eventual sale of the property. During the time that the property is held, the system handles the property management, appraisals, litigation and all other required procedures. The system contains a REO budgeting feature for full planning support.
All functions of the system can create accounting entries according to user-defined accounting rules. These entries can be exported to an external GL system or can be posted to the MIMICS General Ledger System that seamlessly integrates with all of MIMICS’ systems.
Information on the property location, mailing address, legal description, class of property, size of property, and description of any buildings is entered and is given an identifying number by which the property is referred for search purposes. Although the property identifying “number” is the major way of looking up a property, there are other methods for finding the property.
The system keeps data on the original borrower including tax ID number; original loan details; and details on the foreclosure including bids. Accounting for the foreclosures is handled according to user-defined accounting rules.
Litigation information is maintained including attorney data, judgments, etc. This information is kept historically in the case of long or multiple litigations. Complete information is kept on all attorneys involved.
The system tracks lien amounts and the holders of the liens along with contact data.
Any number of inspections can be tracked by the system along with the results of each one. The system also keeps track of the dates of the inspections and the inspectors.
Any number of appraisals can be made with the system tracking the appraisers and the appraised values. It also keeps track of the values recommended and accepted.
Any number of policies can be maintained for any type of insurance. The insurance companies and contact information is maintained as well as information on the insurance policies. The premium payments are maintained in a payment schedule. These payments due are managed and are kept as part of the property management expenses.
All tax liabilities are maintained along with their scheduled payments. Taxing authorities are identified in the system. The system creates a tax schedule for each specific tax that is expensed in the MIMICS Property Management Module.
All utility payments required to maintain the property are entered along with their respective schedules. Payments can be made through the MIMICS Property Management Module that keeps track of all revenues and expenses.
Multiple escrow accounts can be managed for each property. The feature manages all deposits to the escrow account. Escrow payments can be made from this account. These deposits and payments interface with the MIMICS Property Management Module.
The system can manage the sale from listing the property; writing sales contracts; accepting or rejecting contracts; and finally closing the sale. Broker information is maintained as well as all contracts submitted by the broker and whether they were accepted or rejected. If a contract is accepted, the property is passed to the module that closes the sale. When a sale is closed, it can optionally be transferred, along with all terms, to the MIMICS Loan Processing Module.
Other Property Information
Information such as key map location, environmental impact, and ad hoc memos is kept by the system.
The system can handle all aspects of property management from listing the property, managing lease/rental income, and managing all other revenues and expenses attributable to the property. There is a direct interface from the MIMICS Insurance, Taxes, and Utilities Modules to ensure payments are timely. Rental and Lease payments can be invoiced and are tracked for timely payments. The system can charge late fees and can otherwise manage payments in detail. Any documents can be optionally sent by encrypted email.
The system includes user-defined accounting rules that create accounting entries. These entries can be used within the system or can be exported (by ACH and other formats) to external General Ledger systems. A budgeting feature allows you to create a budget for each of the REOs along with a report on budget variances.
All checks can be printed by the system. Checks can be printed on blank check stock or on pre-printed check stock. Micr lines are printed. The system includes a complete check register for tracking the check clearing.
Documents pertaining to the property can be scanned into the system to be saved in the database for retrieval. Documents created by the system are also saved with the property information.
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