CFCU Community Credit Union Implements FICS' Systems to Consolidate Mortgage Loan Origination and Servicing.DALLAS -- Financial Industry Computer Systems, Inc. (FICS FICS Fellow of the International College of Surgeons. ), a mortgage technology specialist that provides in-house residential origination and servicing technology to the mortgage industry, announced that Ithaca, NY-based CFCU CFCU Chetco Federal Credit Union (Southern Oregon & Northern California) CFCU Caring for Country Unit (Australia) Community Credit Union has successfully implemented Loan Producer(R), FICS' mortgage loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. system, and Mortgage Servicer(TM), the company's residential mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. system. The credit union closes approximately $50-100 million in residential mortgage loans per year. As the credit union's loan volume increased, its legacy DOS-based system was unable to deliver the levels of efficiency and precision necessary to maintain the credit union's competitiveness in its local mortgage market. The FICS system is easier to navigate since it does not require users to switch between different screens to view loan data. With FICS' solutions in place, the credit union has effectively increased its ability to manage loan volume without having to add additional staff. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. credit union officials, CFCU purchased and implemented FICS' origination and servicing systems because they are Windows(R)-based, have the ability to integrate with the credit union's IntegraSys CUBE(R) enterprise system and because of FICS' ability to effectively serve as a single, "end-to-end" solution, allowing a seamless process from the origination of a loan completely through servicing. "Since the decision to implement Loan Producer and Mortgage Servicer, we have found the software to be very user-friendly and the level of training, service, support and product knowledge provided by the FICS staff has been outstanding," said Bill Crane, vice president of Mortgages for CFCU Community Credit Union. "One area we feel was invaluable was the actual process of conversion, which remained on schedule because of both the assistance and knowledge of FICS' team. They were very experienced with the conversion from our legacy system, knowing the exact data needed and how to extract it, with no 'hiccups' or downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. . I have done a lot of integrations before and the biggest trick is making sure that you have a seamless and on schedule conversion and, in this case, we were successful with both." "FICS has been able to automate loan origination and servicing for CFCU Community Credit Union, giving them the end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. required to better manage their loan portfolio and provide an increased level of service to its members," said Dawn Gibbs, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of FICS. "With fewer necessary manual procedures and processes as a result of our software solutions, credit union employees are able to eliminate labor-intensive tasks, providing more time and available resources to helping the organization grow and remain a competitive player in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of marketplace." About CFCU Community Credit Union CFCU Community Credit Union is a full service financial institution that has been serving residents of Tompkins and Cortland counties for more than 50 years. The credit union has more than 57,000 members and assets totaling more than $400 million. For more information about the credit union and its products and services, visit CFCU online at www.mycfcu.com. About FICS Founded in 1983 and headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , Financial Industry Computer Systems, Inc. (FICS) specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' solutions are designed around the latest in Windows-based technology, while incorporating innovative document management and Web-based capabilities into its full suite of products. Additional information about FICS is available via the company's Web site at www.loanware.com. |
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