Kirtland Federal Credit Union Turns to FICS for Mortgage Origination and Servicing Solutions
DALLAS, July 16, 2008 – Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential origination and servicing technology and commercial servicing technology to the mortgage industry, announced that New Mexico-based Kirtland Federal Credit Union is successfully utilizing its residential loan origination and servicing suite of mortgage technology solutions.
Kirtland FCU, one of the largest credit unions in New Mexico, purchased FICS’ solutions in May 2007 to replace an existing system that operated using outdated technology and did not provide a user-friendly environment or the efficiency required by the credit union.
“When we began our search for a new solution, we discovered FICS was able to meet all the criteria we had set for a new system,” said Kris Jones, director of Real Estate Lending at Kirtland Federal Credit Union. “We spoke to other credit unions that use FICS during our search and got feedback that supported everything we were hearing from FICS and further validated its ability to help streamline our mortgage department.”
Because Kirtland FCU’s existing system was not utilizing the latest technology, Kirtland FCU realized that in order for the credit union to continue to successfully maintain and grow its mortgage department, it required a system that could handle a growing portfolio of mortgage loans, as well as streamline processes.
“We chose to implement FICS’ solutions because of its ability to easily automate and streamline crucial functions,” said Jones. “With FICS’ systems, we are able to have everything on one server, enabling me to easily monitor the entire loan portfolio to ensure we are accurately servicing and maintaining all loans. This setup also enables me to easily work with loan officers in multiple branches should a question or problem arise by providing a way for both the loan officer and myself to view the loan together and talk through the issues.”
The credit union also preferred the end-to-end process that FICS offered. “Having the front-end production system move the loans directly into the servicing system, is important to us because having everything on one database, which eliminates the need to develop custom interfaces as well as rekey loan data, allowing for a seamless loan process,” continued Jones.
Since going live on the system, overall efficiency has increased in the credit union. Because processes are automated and members are able to access select information directly online, credit union employees are able to focus more of their attention on additional member building initiatives. According to Kirtland FCU executives, with FICS solutions in place, the credit union is also able to easily access reports and specific member’s data, loans are underwritten faster, and the loan origination process is quicker. With the enhanced automated capabilities and product functionality, the credit union’s mortgage department is able to handle a higher volume of loans without adding additional staff, as well as grow the mortgage department by offering new products to its members, resulting in increased member service levels.
“Overall we feel the whole process of converting to FICS has helped increase our loan volumes,” said Jones. “We are on schedule to do even better this year in a down market. We are staying very viable and FICS has helped us stay up with the demand that we have for mortgage loans.”
“FICS has been able to help Kirtland Federal Credit Union automate and streamline its mortgage loan origination and servicing processes, as well as provide a vehicle for members to electronically access information, which benefits both its employees and members,” said Susan Graham, president of FICS. “Reducing necessary manual procedures, along with providing members with the ability to access information at their convenience, enables the credit union to redirect available resources to better increase internal efficiency and serve its members.”
About Kirtland Federal Credit Union
In 1958, ten men stationed at Kirtland Air Force Base formed a credit union to recognize and serve the unique financial needs of Kirtland’s military personnel. As a member-owned military financial institution, the credit union filled a need among the military community not being met by the traditional banking institutions. From these humble beginnings, Kirtland Federal Credit Union has prospered and expanded to include civilian personnel assigned to KAFB, US Reserve Forces, members of the Air and Army National Guard throughout New Mexico, defense-related Select Employee Groups (SEGs), veterans groups, as well as military retirees. Today, Kirtland Federal Credit Union offers a complete line of financial products and services via the internet, in person, and via telephone. For more information, please visit the credit union’s Web site at www.kirtlandfcu.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.