Polish & Slavic Federal Credit Union Nominated for Best Practice in Mortgage Document Management

Credit unions that originate and service mortgage loans face the challenge of trying to counter lower volume by improving margins and increasing productivity. For Brooklyn, N.Y.-based Polish & Slavic Federal Credit Union (PSFCU), one of the ways they improved productivity is through the use of FICS^®’ Radstar^®, in conjunction with FICS’ Loan Producer^® and Mortgage Servicer^® software systems.

Radstar is an integrated document and reporting management system which allowed PSFCU to save time, space and money by electronically imaging and storing all of their system generated documents and reports. Radstar can also store external documents such as credit reports, pay stubs, W-2’s, tax returns, appraisals, surveys, title policies, tax bills, insurance statements, photos, etc. for easy and convenient retrieval.

PSFCU began utilizing Radstar in mid-2010, to help with external document storage and retrieval capability, and to reinforce the credit union’s internal “GO GREEN” campaign by eliminating unnecessary printing of documents.

PSFCU has been using FICS’ loan origination software, Loan Producer, and residential servicing software, Mortgage Servicer, since 2004. Credit union officials said that FICS improved their collection processes by automatically storing all generated “on demand” reports, such as the many collection notices sent to borrowers, delinquency reports, and payment collections. In addition to immediate access to all customer correspondence, a collection information window containing all of the loans’ pertinent information needed to make efficient collection calls is utilized. Mortgage Servicer also enables the creation of necessary notes, memos and comments directly into the system. 

PSFCU said that FICS has also greatly improved servicing of its mortgages by automatically transferring closed and funded loans between Loan Producer and Mortgage Servicer, and by making rate adjustments and tax and insurance disclosures a smooth process. The software allows for an automated method of creating various disclosure statements, notices and letters that need to be sent out to members throughout the life of the loan.

“Our biggest tangible benefit is in the reduced time spent working on loan files,” said Grace Bodyziak, Sr. Applications Systems Analyst of PSFCU. “We have been able to decrease turnaround time, automate many processes and improve our overall efficiency by eliminating additional steps that might otherwise be necessary to obtain and store documents.”

About Polish & Slavic Federal Credit Union

Founded in 1976 by a group of Polish immigrants to help other ethnic Poles obtain mortgages, the Polish & Slavic Federal Credit Union now has 15 branches in New York, New Jersey and Illinois, and an operations center in Fairfield, NJ. The credit union also has a Mobile Branch, which is used at community events and an Online Branch accessible through their website, www.psfcu.com. The 35-year-old credit union, with over $1.4 billion in assets, serves almost 73,000 members of the Polish and Slavic communities. PSFCU, which is the largest ethnic credit union in the United States, also operates ATMs at the National Shrine at Doylestown, Penn.

About FICS

Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS' systems are designed for Microsoft^® Windows^® with the most recent solutions using .NET framework that include a rich Windows^® Presentation Foundation user interface and multi-tiered shareable services. The company also provides innovative document management and web-based capabilities into its full suite of products. Additional information about FICS is available via the company's website at www.FICS.com.