CoVantage Credit Union Brings Mortgage Servicing Operations In-House with FICS.Credit Union Now Servicing Secondary Market Mortgage Loans Internally with New 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 and servicing technology and commercial servicing technology to the mortgage industry, announced today that Antigo, Wis-based CoVantage Credit Union, a non-profit financial cooperative that is presently one of the most secure financial institutions in Wisconsin, is successfully utilizing FICS' 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. solutions. In December 2005, CoVantage CU purchased FICS' Mortgage Servicer[TM] (residential mortgage loan servicing system), Mortgage Accountant[R] (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. capabilities) and Real-Time Access[R] (real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. exchange between Mortgage Servicer and the credit union's core processor) in order to service loans internally. Prior to implementing FICS' solutions, all loans originated for sale on the secondary market were sold by the credit union as servicing released. "Retaining servicing on secondary market loans was a brand new area for us," said Mary Moseman, vice president of Mortgage Lending for CoVantage Credit Union. "We wanted a very user-friendly solution, and with FICS we got not only that, but also superior service, training and support." 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, CoVantage CU purchased and implemented FICS' servicing solutions because they are Windows-based and have the ability to 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. The credit union's management realized that to continue to successfully grow its mortgage department, they required an internal servicing system that could service a growing portfolio of mortgage loans, as well as provide support and integration to existing systems. "FICS has been able to provide CoVantage Credit Union with the solutions required to bring its servicing in house, enabling them to better manage their loan portfolio and provide an increased level of service to 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. "Having internally automated servicing capabilities enables the credit union to continue growing its mortgage portfolio while maintaining internal efficiency." About CoVantage Credit Union CoVantage Credit Union, based in Antigo, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. . is a non-profit financial cooperative, owned and operated by its members and managed by a volunteer Board of Directors. Founded in 1953, CoVantage Credit Union is presently one of the most secure financial institutions in Wisconsin serving more than 47,717 members. As of December 30, 2006, assets totaled more than $554 million. Additional information about the credit union can be found online at www.covantagecu.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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