AltaOne Federal Credit Union Builds More Efficient Commercial Real Estate Servicing Workflow, Enhances Member Services with FICS®' Commercial Servicer® Software
FICS® Customer since 2002
AltaOne began utilizing FICS’ Mortgage Servicer® and Loan Producer® software in 2002, after researching several systems on the market. The credit union experienced improved functionality, and the quality of FICS’ customer service continually helped AltaOne run their residential loan origination and servicing processes more efficiently. The loan origination and servicing software systems also saved the AltaOne FCU staff time and money in operations and reporting.
The Challenge: Eliminating Unnecessary Costs
Ridgecrest, California-based AltaOne Federal Credit Union is a member-owned financial services provider that offers consumer and commercial real estate loans to more than 49,000 community-based members throughout Southern California.
In 2012, AltaOne began searching for new commercial loan servicing software that would provide full access to the member commercial loan database, as well as additional servicing automation functionality, at a better cost. The biggest hindrance with their previous platform was an expensive system of which they were only utilizing a small portion of to service business loans. Additionally, AltaOne was limited to month-end files that had to be imported into excel, in order to prepare custom reports for auditors or management, because of the system’s restricted access to their commercial loan database.
“We were only using a small component of the prior system for servicing commercial real estate loans, but we were paying an astronomical amount for routine maintenance,” said Kelly Carroll, business lending manager for AltaOne FCU. “It was time for a change, and because we have been incredibly pleased with FICS while utilizing their residential services for nearly a decade, we knew Commercial Servicer would be a huge asset to our credit union.”
AltaOne Selects FICS Due to Previous Success:
AltaOne began utilizing FICS’ Mortgage Servicer and Loan Producer products in 2002, after researching several systems on the market. The credit union experienced improved functionality, and the quality of FICS’ customer service continually helped AltaOne run their residential origination and servicing loan processes more efficiently. The systems also saved the AltaOne FCU staff time and money in operations and reporting.
Consequently, as Carroll began evaluating options for their commercial loan system, she turned first to FICS’ Commercial Servicer. Commercial Servicer offers an affordable and secure platform for managing all of the loans in AltaOne’s commercial loan portfolio in one central location. Seamless data flow and automation features allow the company to easily navigate a user-friendly system for servicing loans and quickly generating reports.
“FICS provided training and staff contacts for all aspects of the conversion to make it as seamless and efficient as possible,” Carroll said. “The FICS staff is a tremendous help and the support and training is an operational benefit. We call quite a bit, especially regarding unique loans, but the staff is always patient and willing to find a solution for every problem.”
Enhancing Member Experience, Increasing Profitability
FICS’ Commercial Servicer has helped AltaOne reduce servicing costs and increase productivity by eliminating costly maintenance fees and utilizing a report management system. By electronically imaging and storing all system-generated reports, AltaOne continues to save money by decreasing time and labor expenses, printing reports and storage costs. This enhanced productivity, through FICS’ technology, contributes to a greater level of efficiency and increased profitability.
Since AltaOne previously received commercial loan reports just once a month from their prior vendor, having access to the entirety of its loan data through one central database is a vast improvement. When utilizing Commercial Servicer’s automation features, generating a report has now become an efficient, one-step process that eliminates the need to re-create a report manually each time a report is requested.
“We got everything we were looking for by choosing FICS’ Commercial Servicer,” Carroll said. “The cost-effective software will pay for itself in the first year, and we are very excited to have access to the database. Generating reports is no longer a hassle, as they can be created on any given day! We can also group our desired reports and print them all at once - or save them for viewing or distributing them at a later date - allowing the staff to collaborate more efficiently both internally and with our members. ”
Additionally, AltaOne has experienced enhanced member service due to the effectiveness of LoanStat®, FICS’ online commercial loan information portal. Members have online access to make payments and easily view loan statements, balances, and multiple electronically stored documents, providing an additional avenue for members to have access to their loan information.
“FICS’ interface allows us to provide updated loan information to our core system daily, giving our tellers and members superior customer service,” said Carroll. “Selecting FICS has increased profitability by eliminating time-consuming methods and lowering monthly maintenance costs.”
About AltaOne Federal Credit Union
AltaOne Federal Credit Union has been a financial services provider since its inception in 1947 as the NOTS Employees Federal Credit Union. With over 49,000 members and $561 million in assets today, AltaOne provides a full range of financial services. Membership in AltaOne is available to people who live, work, worship, volunteer or attend school in Northern San Bernardino, Kern, Mono and Inyo Counties in California. For more information, visit www.altaone.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 to operate on Microsoft® Windows® platforms with the most recent solutions written 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.