Financial Plus Federal CU licenses FICS mortgage technology
Financial Industry Computer Systems (FICS), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced that Flint, Mich.-based Financial Plus Federal Credit Union has upgraded its mortgage loan origination and servicing infrastructure with the successful implementation of Loan Producer, FICS' mortgage loan origination system; Mortgage Servicer, the company's residential mortgage loan servicing system; Mortgage Accountant, FICS' automated custodial accounting system; Real Time Access, FICS' application enabling real time access between the credit union's core system and FICS' servicing system and Radstar, FICS' integrated imaging system.
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Financial Plus recognized that in order to successfully grow its mortgage department, it needed to implement mortgage loan origination and servicing solutions. The credit union required a mortgage system that could handle a growing portfolio of mortgage loans, as well as handle selling loans to the secondary market and work efficiently with Fannie Mae's Desktop Underwriter.
"When we began our search for a new mortgage solution, we quickly discovered FICS was able to meet all the criteria we had set for a new system," said Ken McCollum, vice president, in charge of Lending for Financial Plus Federal Credit Union. "We chose to implement FICS' solutions not only because of the ability to interface with other systems, but because of its ability to easily automate crucial functions. Our goal is to take the mortgage department to the next level and offer additional products and services to our members."
The credit union has saved a great deal of time and money with FICS' Radstar system. With this system in place the credit union has eliminated the need to print hard copies of documents and reports, scan them, and save them as a PDF. With Radstar, all reports are automatically saved and stored electronically. The credit union can then retrieve the electronic copies using the search criteria set up in the system.
"Radstar has enabled us to greatly reduce the amount of paper we use as well as the amount of time spent in printing, scanning and saving of documents and reports," said McCollum.
"FICS has helped Financial Plus Federal Credit Union automate and streamline its mortgage loan origination and servicing processes, as well as provide a vehicle for electronically managing reports," said Dawn Gibbs, president and CEO of FICS. "With fewer necessary manual procedures as a result of our software solutions, Financial Plus Federal Credit Union has been able to redirect available resources to better increase internal efficiency and revenue generation, making for a more competitive credit union."