Randolph-Brooks Federal Credit Union Automates Both Loan Origination and Residential Servicing Technology Through FICS
- All origination and servicing operations to exist through a single vendor -
DALLAS, March 31, 2004 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house, residential loan origination and servicing technology to the mortgage industry, announced today that Universal City, Texas-based, Randolph-Brooks Federal Credit Union (RBFCU) has purchased FICS' mortgage loan origination system (LOS), Loan Producer (with add-on products, Loan Accountant, iNetAp and Radstar) and residential mortgage servicing system, Mortgage Servicer (along with add-on products, Mortgage Accountant, eStatus, Radstar and Real Time Access) .
According to RBFCU officials, the credit union selected FICS' origination and servicing technology in order to expand its growth into the mortgage real estate market and increase member satisfaction. RBFCU purchased both Loan Producer, Mortgage Servicer and its add-ons in November.
"Our day-to-day focus at the credit union is to best serve our members through superior service and financial product offerings," said Victor Williams, vice president, mortgage lending for Randolph-Brooks Federal Credit Union. "FICS, known throughout the industry for its complete mortgage technology and expert knowledge, has enabled us to implement the entire mortgage process from loan origination to mortgage servicing. By having FICS' technology in-house, we can now offer our members an efficient and effective mortgage product."
RBFCU has invested further in add-on technology products to accompany FICS' Loan Producer with Loan Accountant, iNetAp and Radstar. Loan Accountant will provide RBFCU with automated mortgage loan accounting capabilities. iNetAp enables the credit unions' members to apply for residential mortgage loans online, via the RBFCU Web site. Radstar works with Loan Producer to electronically store reports and documents pertaining to members' home loans for archiving purposes and for member viewing on-line through iNetAp.
In addition to Mortgage Servicer, RBFCU also purchased four additional FICS products: Mortgage Accountant, eStatus, Real Time Access (RTA) and Radstar. Mortgage Accountant automates daily cash book balancing and month-end reporting, which includes the distribution and movement of mortgage funds, member account histories, trial balances, general ledger, P&I advances and recovery and ACH distribution. Additionally, Mortgage Accountant provides a complete investor remittance program for Fannie Mae, Ginnie Mae and other secured pool investors. eStatus enables credit union members to access their current balances, history, year-to-date totals and due dates through RBFCU 's Web site.
Radstar is a new integrated imaging system that automates image output including reports and borrower correspondence from Mortgage Servicer, and RTA synchronizes mortgage information between RBFCU's core database and its Mortgage Servicer database in real-time, eliminating the need to re-key data and batch processing.
"Randolph-Brooks Federal Credit Union now has the advantage of receiving loan origination and mortgage servicing technology through one vendor ," said Dawn Gibbs, president and CEO of FICS. "Our cost effective technologies enable the credit union to consolidate its entire mortgage process. As a result, the Randolph-Brooks Federal Credit Union staff can now focus more of their efforts directly toward ensuring complete member satisfaction."
About Randolph-Brooks Federal Credit Union
Randolph-Brooks Federal Credit Union (RBFCU) provides a broad array of quality products and programs, including investments, insurance and financial planning to its members.
The credit union aims to provide superior service through reliability, integrity, efficiency and cooperative enthusiasm. Establishing a long lasting relationship with its members is extremely important. Therefore, RBFCU is completely focused on making first-rate financial solutions available, while ensuring overall member service satisfaction. For additional information about RBFCU visit the Internet at www.rbfcu.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.