Charlotte Metro Credit Union Upgrades to FICS' Mortgage Solutions
DALLAS, Sept. 19, 2006 – 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 Charlotte N.C.-based Charlotte Metro Credit Union has upgraded its mortgage loan origination and servicing infrastructure with the successful implementation of Loan Producer, FICS' mortgage loan origination system; Mortgage Servicer, the company's residential mortgage loan servicing system; Mortgage Accountant, FICS' automated custodial accounting system; and Real Time Access, FICS' application enabling real time access between the credit union's core system and FICS' servicing system.
Charlotte Metro CU purchased FICS' solutions in December 2005 to replace an existing system that operated using outdated software and did not integrate with the credit union's core operating system, Symitar. Because the existing system was not flexible in nature, Charlotte Metro CU realized that in order for the credit union to continue to successfully grow its mortgage department, it required a system that could handle a growing portfolio of mortgage loans, as well as provide support and integration to existing systems.
“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 as well as integrate with our core processing system,” said Norman Whiteside, vice president of Branch Administration at Charlotte Metro Credit Union. “We chose to implement FICS' solutions not only because of the ability to interface with Symitar, but because of its ability to easily automate crucial functions. FICS also gives us the ability to customize the solutions to fit our needs, allowing us to easily add a product, enhance a product line or change select qualifications. The updated technology enables us to grow the mortgage department and pursue future growth by offering new products to members, resulting in increased member service.”
Since going live on the system in April, efficiency has increased in the credit union. Because members are able to access select information directly online, credit union employees are able to focus on additional member building initiatives. According to credit union executives, with FICS Windows-based solutions in place, the credit union is also able to easily access reports and specific member's data, loans are underwritten faster and loan origination is quicker. With the enhanced automated capabilities and product offerings, the credit union's mortgage department is able to handle a higher volume of loans without adding additional staff.
“Prior to implementing FICS' mortgage solutions, the only way our members could access mortgage data was to contact our mortgage department directly,” said Whiteside. “Now with FICS in place, members are able to access select mortgage data at their convenience online. Having this functionality in place has made for a happier accounting department, mortgage department and happier members.”
“Our goal in implementing FICS was to provide the mortgage department with up to date technology that would give them total flexibility to do anything they wanted in the mortgage market, as well as provide a resource that would easily integrate into our operating system,” continued Whiteside. “We have accomplished all these goals.”
“FICS has been able to help Charlotte Metro 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 members and employees,” said Dawn Gibbs, president and CEO of FICS. “Providing members with the ability to access information at their convenience as well as reduce necessary manual procedures enables the credit union to redirect available resources to better increase internal efficiency.”
About Charlotte Metro Credit Union
Established in 1962, Charlotte Metro Credit Union is a full service financial institution that has been serving residents of Charlotte , N.C. for more than 40 years. The credit union has more than 31,787 members and assets totaling more than $133,753,000. For more information about the credit union and its products and services, visit Charlotte Metro Credit Union online at www.cmcu.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.