Desert Schools Federal Credit Union Purchases FICS' Commercial Servicer
- CU to have entire residential and commercial servicing operations through one vendor -
DALLAS, Feb. 3, 2003 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial loan servicing 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, along with add-on product Commercial Accountant.
According to company officials, Desert Schools FCU 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, P&I advances and recovery and ACH distribution. Additionally, Commercial Accountant provides a complete investor remittance program, for Fannie Mae, Ginnie Mae, 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 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.
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.