Virginia Credit Union Implements Mortgage Servicing Technology from FICS; CU Now Has Residential Mortgage Loan Servicing and Origination Through Single Vendor.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 to the mortgage industry, announced today that Virginia Credit Union (VACU VACU Virginia Credit Union ) has successfully implemented Mortgage Servicer(TM), FICS' 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. VACU has assets of more than $1.2 billion and serves more than 160,000 members, making it the largest state-chartered credit union in Virginia and a Top 75 credit union nationally. The credit union is now utilizing Mortgage Servicer to service its current loan portfolio of more than one thousand loans. VACU has also implemented Mortgage Accountant(R), 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. solution, as an addition to Mortgage Servicer. 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. VACU officials, the credit union selected Mortgage Servicer because it has a reputation as an excellent servicing system within the credit union industry and because VACU already utilizes FICS' Loan Producer(R) as 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. system, having implemented it in November 2003. Having both systems through FICS enables VACU to be more efficient in processing loans because the data from Loan Producer downloads instantly into Mortgage Servicer. In addition, because the same vendor supports the two systems, it is easier for VACU to make updates to the system. "We wanted more than just a point-of-sale system when we selected Loan Producer, we wanted a loan origination system that was comprehensive: including processing, closing that could create and print custom documents, and the ability to meet all regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. ," said Leslie Creech, assistant vice president, Real Estate Lending for Virginia Credit Union. "Based on our positive experience with FICS on the origination side, it made sense for us to work with them to help us with our servicing operations." Through FICS' technology, VACU is able to process loan applications with less staff because FICS has critical interfaces that send application information automatically, eliminating duplicate data entry in some cases from four times down to one. "The greatest compliment that our company can receive is to have a customer like Virginia Credit Union expand our relationship to address greater aspects of its business," said Dawn Gibbs, president of FICS. "The utilization of our origination and servicing technology differentiates Virginia Credit Union within the marketplace through their ability to offer superior mortgage lending services to its membership base." About Virginia Credit Union Serving its members' financial needs since 1928, Virginia Credit Union (VACU) was originally chartered as State Employees' Credit Union, Inc. Today, VACU's diverse field of membership includes employees and retirees of Virginia's state and local governments, as well as several other approved groups. VACU is the largest state-chartered credit union in Virginia and is one of the top 75 credit unions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . With assets exceeding $1.2 billion, VACU has 450 employees serving more than 160,000 members. VACU also has a rich legacy of community service including offering volunteer and financial support to a wide variety of community organizations, providing educational programs for schools and groups, and sponsoring scholarship programs for colleges. For more information, visit VACU online at www.vacu.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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