COMSTAR FCU Implements FICS’ Mortgage Software to Service Freddie Mac Loans
DALLAS, Feb. 16, 2010 – Frederick, Md.-based COMSTAR Federal Credit Union, has implemented Financial Industry Computer Systems, Inc’s. (FICS) mortgage software, Mortgage Servicer, to automate and enhance the servicing of mortgages sold to Freddie Mac. FICS is a mortgage technology specialist that provides in-house residential and commercial mortgage loan software, residential origination and servicing technology and commercial servicing technology to the mortgage industry.
COMSTAR, a community-based credit union, selected FICS’ Mortgage Servicer because the system provides the tools needed to streamline and simplify the servicing of loans sold to Freddie Mac. Credit union executives said the ability to keep the servicing of these loans in-house by using Mortgage Servicer, and its strong integration with their core processing system, enables them to provide a heightened level of service by placing data at the fingertips of credit union personnel who interact with members.
“Our members receive better service when we handle the servicing of their mortgages,” said Jason Ambrose, mortgage loan officer for COMSTAR Federal Credit Union. “Mortgage Servicer is very user-friendly and gives us the tools we need to not only meet our members’ expectations but also to reduce the costs and time spent processing payments, handling escrow accounts and reporting to regulatory agencies.”
Mortgage Servicer automates servicing functions including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. COMSTAR credit union said the integration with their core system makes it very easy to import and export loan data, and the system provides the capability to automate and reduce the time spent on monthly regulatory reports.
Ambrose also said that the personal touch of FICS’ customer support team has been a key factor in the successful implementation of Mortgage Servicer. “I’ve worked with vendors that took weeks to resolve questions or issues,” Ambrose said. “FICS has been able to answer nearly all of our questions on the very first call.”
“Credit unions need a technology partner who provides a well-rounded system capable of handling the demands of today’s servicing environment and the comprehensive support to get the most out of the system,” said Susan Graham, president of FICS. “Mortgage Servicer, backed by FICS’ support team, empowers credit unions like COMSTAR to provide the exceptional service their members demand and reduce the costs associated with servicing loans.“
About COMSTAR Federal Credit Union
COMSTAR Federal Credit Union (Frederick, Md.) is a cooperative, nonprofit financial institution dedicated to serving its members' financial needs. Founded in 1933, COMSTAR has experienced steady growth by staying true to its core beliefs and avoiding gimmicks. Celebrating its 75th year of service to members, COMSTAR is a strong, well-capitalized institution with $198 million in assets and 19,000-plus members. For more information, visit the credit union’s Web site at www.comstarfcu.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.