STANDARD Mortgage Corporation Enhances Residential Mortgage Servicing with FICS' Radstar
- Monthly mortgage payment statements and additional information now available online to customers -
DALLAS, May 26, 2004 - Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house residential servicing technology to the mortgage industry, announced today that New Orleans-based, STANDARD Mortgage® Corporation has successfully implemented Radstar, FICS' integrated imaging system that automatically stores electronic copies of reports and documents created from the company's residential mortgage loan servicing system, Mortgage Servicer. STANDARD Mortgage, an FICS customer since May 2000, purchased Radstar in October 2003.
Of primary concern to STANDARD Mortgage is the ability, through Radstar, for its customers to quickly and securely access information pertaining to their mortgage loans via the Internet through eStatus, a Web-enabled add-on tool to Mortgage Servicer provided by FICS. Instead of having to call STANDARD Mortgage for loan updates or paperwork requests, borrowers now have the option of viewing and printing documents online through eStatus as well as the option of saving these documents to personal hard drives.
"In researching mortgage servicing companies, we found that FICS was the best fit for our organization and our valued customers, as STANDARD Mortgage is also both privately-owned and family-operated," said Bruce Cola, IT manager for Standard Mortgage Corporation. "Not only are Mortgage Servicer and Radstar exceptional products helping us to further improve our servicing processes, but the staff is also extremely knowledgeable and helpful - willing to discuss our functionality suggestions and effectively implement them into our mortgage system."
Radstar enables STANDARD Mortgage employees to significantly streamline its processes by storing documents and letters generated through Mortgage Servicer. Once stored, these documents can quickly be accessed from local workstations or from remote locations via the Internet for both research information and in response to customer support calls. In addition, STANDARD Mortgage's staff can also use Radstar to access internal documents, such as complicated mortgage loan reports, to more efficiently manage operations.
"The functionality that Mortgage Servicer and Radstar provide to our customers helps alleviate the stress typically associated with the document-heavy mortgage process, while also enabling the company to redirect resources formerly spent on traditional, paper-based delivery system to more customer-focused products and services," continued Cola.
"As new technologies, like the imaging capabilities provided by Radstar, come along, those lenders that position themselves as early adopters will gain a competitive advantage in the marketplace," said Dawn Gibbs, president and CEO of FICS. "By using Radstar in conjunction with Mortgage Servicer, STANDARD Mortgage is implementing and utilizing our services in an optimal fashion to boost their functionality and manager servicing in the most advantageous way for both its employees and its customers."
In addition to Mortgage Servicer, eStatus and Radstar, STANDARD Mortgage also purchased and currently uses Loan Producer, Mortgage Accountant and iNetAp. Loan Producer is FICS' Windows-based loan origination system (LOS), which originates, processes, underwrites, closes and markets portfolio loans later feeding into Mortgage Servicer. Mortgage Accountant automates daily cash book balancing and month-end reporting, which includes the distribution and movement of mortgage funds, bank 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. iNetAp enables prospective borrowers to visit the STANDARD Mortgage web site, submit a loan application online, and then follow-up on the status of the loan via the Internet.
About STANDARD Mortgage Corporation
As one of the South's oldest and largest privately held mortgage firms, STANDARD Mortgage offers premier products and services -- all delivered by trained experts who recognize that satisfaction is the STANDARD by which success is measured. For additional information about STANDARD Mortgage, visit the company's web site at www.stanmor.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.
