US Mortgage Subsidiary, CU National Mortgage, Selects FICS's Mortgage Servicer for Residential Mortgage Loan Servicing Needs
- Existing system to be replaced by Windows-based, Mortgage Servicer -
DALLAS, Feb. 28, 2002 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house LOS and servicing technology to the mortgage industry, announced that US Mortgage has selected FICS' residential mortgage loan servicing system, Mortgage Servicer, for use in its CU National Mortgage subsidiary. CU National Mortgage provides mortgage servicing products and services for credit unions throughout the United States.
CU National Mortgage purchased the FICS system in December 2001 to replace its existing residential mortgage loan servicing system and anticipates going live with Mortgage Servicer in Q2 2002. According to Phil Scialabba, vice president of Operations for CU National, the decision to purchase Mortgage Servicer as a replacement was based primarily on the increased flexibility and functionality offered through the Windows-based system. In particular, Mortgage Servicer enabled CU National to customize and brand the system for each of its credit union customers.
"Since we operate as a sub-servicer for our credit union customers, it is important that we be able to maintain a 'transparent' relationship with those credit unions from their members' point-of-view," said Scialabba. "Mortgage Servicer is a good fit for us because it will allow us to do this successfully, while also providing some unique features to credit unions and their members. In addition, Mortgage Servicer has its own check producing software built in, which will streamline our processes significantly."
CU National Mortgage has also purchased two additional FICS products, Mortgage Accountant and eStatus, to operate in conjunction with Mortgage Servicer. Mortgage Accountant is an automated custodial accounting system and eStatus enables on-line access to mortgage loan data for credit union members.
"CU National Mortgage presents an excellent situation for our Mortgage Servicer system to be used to its full extent," said Dawn Gibbs, president and CEO, Financial Industry Computer Systems, Inc. "We designed Mortgage Servicer to be the most flexible, out-of-the-box mortgage servicing system available. Through Mortgage Servicer, Mortgage Accountant and eStatus, CU National Mortgage will be able to provide its credit union customers with the highest level of functionality and support in their mortgage servicing needs."
About US Mortgage
Founded in 1996, US Mortgage is a direct FNMA and FHA-endorsed lender that closes more than $1 billion in first mortgages in locations in 18 states yearly. With offices in New Jersey, New York, Florida and Pennsylvania, US Mortgage Corp. has grown more than 400 percent during the last five years. The US Mortgage platform provides its subsidiaries and their clients with systems and controls that underwrite all of its products through automated underwriting systems. For additional information about US Mortgage, visit the company's Web site at: www.usmtg.com.
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.
