Charlotte Metro Credit Union Upgrades to FICS' Mortgage Solutions.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 Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real and servicing technology and commercial servicing technology to the mortgage industry, announced that Charlotte N.C.-based Charlotte Metro Credit Union has upgraded its 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. and servicing infrastructure with the successful implementation of Loan Producer(R), FICS' mortgage loan origination system; Mortgage Servicer(TM), the company's residential mortgage loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. system; Mortgage Accountant(TM), FICS' automated custodial accounting Custodial Account 1. An account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). 2. A retirement account managed for eligible employees by a custodian. system; and Real Time Access(TM), FICS' application enabling real time access between the credit union's core system and FICS' servicing system. Charlotte Metro CU purchased FICS' solutions in December 2005 to replace an existing system that operated using outdated out·dat·ed adj. Out-of-date; old-fashioned. outdated Adjective old-fashioned or obsolete Adj. 1. software and did not integrate with the credit union's core operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. , Symitar. Because the existing system was not flexible in nature, Charlotte Metro CU realized that in order for the credit union to continue to successfully grow its mortgage department, it required a system that could handle a growing portfolio of mortgage loans, as well as provide support and integration to existing systems. "When we began our search for a new solution, we discovered FICS was able to meet all the criteria we had set for a new system as well as integrate with our core processing system," said Norman Whiteside Norman Whiteside (born May 7, 1965) is a former Northern Irish football player who represented his country in two World Cups. He played for Manchester United (273 appearances, 66 goals) and Everton, before his career was ended by injury at the age of 26. , vice president of Branch Administration at Charlotte Metro Credit Union. "We chose to implement FICS' solutions not only because of the ability to interface with Symitar, but because of its ability to easily automate crucial functions. FICS also gives us the ability to customize the solutions to fit our needs, allowing us to easily add a product, enhance a product line or change select qualifications. The updated technology enables us to grow the mortgage department and pursue future growth by offering new products to members, resulting in increased member service." Since going live on the system in April, efficiency has increased in the credit union. Because members are able to access select information directly online, credit union employees are able to focus on additional member building initiatives. 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 executives, with FICS Windows-based solutions in place, the credit union is also able to easily access reports and specific member's data, loans are underwritten faster and loan origination is quicker. With the enhanced automated capabilities and product offerings, the credit union's mortgage department is able to handle a higher volume of loans without adding additional staff. "Prior to implementing FICS' mortgage solutions, the only way our members could access mortgage data was to contact our mortgage department directly," said Whiteside. "Now with FICS in place, members are able to access select mortgage data at their convenience online. Having this functionality in place has made for a happier accounting department, mortgage department and happier members." "Our goal in implementing FICS was to provide the mortgage department with up to date technology that would give them total flexibility to do anything they wanted in the mortgage market, as well as provide a resource that would easily integrate into our operating system," continued Whiteside. "We have accomplished all these goals." "FICS has been able to help Charlotte Metro Credit Union automate and streamline its mortgage loan origination and servicing processes, as well as provide a vehicle for members to electronically access information, which benefits both its members and employees," 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. "Providing members with the ability to access information at their convenience as well as reduce necessary manual procedures enables the credit union to redirect re·di·rect tr.v. re·di·rect·ed, re·di·rect·ing, re·di·rects To change the direction or course of. n. A redirect examination. re available resources to better increase internal efficiency." About Charlotte Metro Credit Union Established in 1962, Charlotte Metro Credit Union is a full service financial institution that has been serving residents of Charlotte, N.C. for more than 40 years. The credit union has more than 31,787 members and assets totaling more than $133,753,000. For more information about the credit union and its products and services, visit Charlotte Metro Credit Union online at www.cmcu.org. 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 imaging 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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