NASA Federal Credit Union Selects FICS for Both Loan Origination and Mortgage Servicing Technology
- CU to have entire origination and servicing operations through one vendor -
DALLAS, April 10, 2003 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house, residential loan origination and servicing technology to the mortgage industry, announced today that the MD.-based, NASA Federal Credit Union has purchased and successfully implemented FICS' mortgage loan origination system (LOS), Loan Producer (with add-on product, iNetAp) and residential mortgage servicing system, Mortgage Servicer (along with add-on products, Mortgage Accountant and eStatus).
According to NASA FCU officials, the credit union selected FICS' technology in order to expand growth into the mortgage real estate market. NASA FCU purchased and implemented both Loan Producer and Mortgage Servicer in February 2003.
"Our priority was finding a mortgage origination and servicing system that was Windows®-based and able to work with our current data processing system, in addition to being time- and cost-effective," said Barbara Gatorian, vice president of Lending for NASA Federal Credit Union. "FICS was able to provide us with an integrated and scalable system that eliminated the need to re-key information and improved overall efficiency."
In addition to Mortgage Servicer, NASA FCU also purchased two additional FICS products: Mortgage Accountant and eStatus. Mortgage Accountant automates daily cash book balancing and month-end reporting, which includes the distribution and movement of mortgage funds, bank account histories, trial balances, general ledger, P&I advances and recovery and ACH distribution. Additionally Mortgage Accountant provides a complete investor remittance program for Fannie Mae, Ginnie Mae and other secured pools investors. eStatus enables credit union members to access their current balances, history, YTD totals and due dates through NASA FCU's Web site.
NASA FCU has invested further in another add-on technology product from FICS: iNetAp. iNetAp is specifically designed to accompany Loan Producer and enables NASA FCU members to apply for residential mortgage loans online, via the credit union's Web site.
"NASA Federal Credit Union now positions itself uniquely as a complete loan origination and mortgage servicing entity through just one vendor," said Dawn Gibbs, president and CEO of FICS. "Our combined technologies enable the credit union to more efficiently operate its entire mortgage operation. As a result of a more streamlined internal process, the NASA FCU's staff can now direct more of its resources toward providing superior service to its membership."
About NASA Federal Credit Union
Chartered in 1949, NASA Federal Credit Union is a not-for-profit financial cooperative owned entirely by its members and operated for the benefit of all who belong. NASA FCU serves the diverse needs of 70,000 members worldwide from a variety of professional organizations with a full array of financial services and the strength of nearly $600 million in assets.
For more information about NASA Federal Credit Union and its members and services, visit the credit union's Web site at www.nasafcu.org.
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.