Community Investment Corporation of North Carolina Upgrades to FICS’ Commercial Servicer
SAN DIEGO, March 29, 2006 – Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, announced at the MBA National Technology in Mortgage Banking Conference & Expo the successful implementation of Commercial Servicer at North Carolina-based Community Investment Corporation of North Carolina (CICNC), an affordable housing loan consortium whose sole purpose is to provide long term, permanent financing for the development of low-moderate income multifamily and elderly housing.
CICNC, a division of the North Carolina Bankers Association, purchased FICS’ commercial real estate loan servicing system, Commercial Servicer, in December 2005 to replace its existing 10-year old proprietary loan servicing system. Because the existing system was not flexible in nature and did not provide technical support, CICNC realized that in order for the consortium to continue to successfully grow, it required a system that could handle the increased portfolio servicing needs, as well as a software provider that could provide the technical assistance and support the company required. CICNC selected FICS’ Commercial Servicer for the systems’ flexibility, the ability to consolidate and track data and generate reports, and the technical assistance offered by FICS’ customer service team, all enabling more efficient day-to-day portfolio management.
“When selecting a new loan servicing system, we surveyed peers from a nationwide consortium peer group and found a large number using and recommending FICS,” said Brad Frazier, vice president and operations manager of CICNC. “Since the implementation of Commercial Servicer, we have found the software to be very user-friendly and the level of training, service, support and product knowledge provided by the FICS staff has been extraordinary. FICS has helped position the consortium to grow into a more efficient and competitive organization and has enabled us to exceed growth in a number of different areas, such as new loan offering variations and new servicing techniques. The system has cut paper consumption in half and has freed the staff to focus on additional revenue generating activities such as business development.”
“FICS has been able to help CICNC automate and streamline its loan servicing processes, benefiting both its customers and employees,” said Dawn Gibbs, president and CEO of FICS. “With fewer necessary manual procedures as a result of our software solutions, CICNC has been able to redirect available resources to better increase internal efficiency and revenue generation, making for a more competitive consortium.”
About Community Investment Corporation of North Carolina (CICNC)
In December 1990, in an effort to address the shortage of affordable housing in North Carolina, the North Carolina Bankers Association formed Community Investment Corporation of North Carolina (CICNC). CICNC is an affordable housing loan consortium whose sole purpose is to provide long term, permanent financing for the development of low-moderate income multifamily and elderly housing. Financing is available through the consortium for affordable housing developments throughout North Carolina's 100 counties in rural areas as well as in urban communities. Loan capital is provided by CICNC’s 113 financial institution members. The lending consortium, which began accepting applications in March 1991, has committed and/or funded financing totaling approximately $142 million for 175 affordable housing developments throughout North Carolina, producing 8,200 units of low income housing. For additional information about CICNC visit, www.ncbankers.org/cicnc.
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.