Desert Schools Federal Credit Union Purchases FICS' Commercial Servicer; CU to Have Entire Residential and Commercial Servicing Operations Through One Vendor.Business Editors DALLAS--(BUSINESS WIRE)--Feb. 3, 2003 Financial Industry Computer Systems, Inc. (FICS FICS Fellow of the International College of Surgeons. ), a mortgage technology specialist that provides in-house commercial 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. technology to the mortgage industry, announced today that Phoenix, Ariz.-based, Desert Schools Federal Credit Union has chosen FICS' commercial mortgage loan servicing system, Commercial Servicer(R), along with add-on product Commercial Accountant(R). According to company officials, Desert Schools FCU FCU Federal Credit Union FCU Florida Credit Union FCU Fan Coil Unit FCU Fuel Control Unit FCU Flight Control Unit FCU Flexor Carpi Ulnaris FCU Familial Cold Urticaria FCU Fire Control Unit FCU Fused Connection Unit FCU Flow Control Unit selected the FICS system because it offered a commercial loan system that best matched its current FICS-driven residential mortgage loan servicing system, Mortgage Servicer. The credit union purchased Commercial Servicer in Nov. 2002 and plans to go live with the software in May 2003. "We are familiar with FICS software, because we currently use it in our residential loan operations," said Robin O'Rorke, vice president of Desert Schools Federal Credit Union. "It was only natural for us to look to FICS again to support our business lending system. Using FICS will enable us to quickly forge ahead into this new, dynamic area." Desert Schools FCU also purchased FICS' Commercial Accountant to automate daily cash book balancing and month-end reporting, which includes the distribution and movement of mortgage funds, bank account histories, trial balances, general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. , P&I advances and recovery and ACH distribution. Additionally, Commercial Accountant provides a complete investor remittance program, for Fannie Mae Fannie Mae: see Federal National Mortgage Association. , Ginnie Mae Ginnie Mae: see Federal National Mortgage Association. , and other secured pool investors. "Desert Schools Federal Credit Union now positions itself uniquely in that it has both its residential and commercial servicing technology through one vendor - FICS," 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. "This is important because it enables the credit union to more efficiently implement the new commercial servicing system, since its staff is already familiar with the technology and user interfaces. This frees up the credit union's staff to focus less attention on learning the new commercial system and more attention on providing superior service to its membership." About Desert Schools Federal Credit Union Founded in 1939, Desert Schools Federal Credit Union proudly serves more than 245,000 members with more than $1.7 billion in assets through educational programs, community involvement and a full range of financial services. For more information about Desert Schools Federal Credit Union and its members and services, visit the credit union's Web site at www.desertschools.org. About FICS Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS) is a mortgage technology specialist that provides flexible, in-house commercial mortgage loan servicing solutions to the mortgage industry. FICS' commercial mortgage loan servicing system (Commercial Servicer) represents true, Windows(R)-based systems utilizing advanced Windows(R) technology. This 32-bit client/server application supports ODBC (Open DataBase Connectivity) A database programming interface from Microsoft that provides a common language for Windows applications to access databases on a network. (Open Database Connectivity See ODBC. (standard, database) Open DataBase Connectivity - (ODBC) A standard for accessing different database systems. There are interfaces for Visual Basic, Visual C++, SQL and the ODBC driver pack contains drivers for the Access, Paradox, dBase, Text, Excel and Btrieve ) relational databases, providing lenders with quick access to mortgage loan data with Microsoft Word, Excel and other ODBC compliant systems such as Access, IQ/Eureka or Crystal Reports. For additional information about FICS and its products, visit the company's Web site at www.loanware.com. |
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