CoVantage Credit Union Improves Loan Servicing, Enhances Communications with FICS^® Software

The Challenge: Addressing Unique Servicing Requirements

Founded in 1953, Antigo, Wisconsin-based CoVantage Credit Union provides a wide range of financial services to members throughout Wisconsin and upper Michigan. When they began to sell loans directly to Fannie Mae, CoVantage saw a clear need to revamp its servicing processes, based on the unique requirements for servicing amortized loans.

In order to successfully improve its servicing operations moving forward, CoVantage began searching for a residential mortgage loan servicing software provider that could equip the credit union with the ability to manage servicing needs specific to amortized loans, as well as other critical servicing functions for the credit union. While these requirements served as important qualifiers for finding the perfect technology platform, CoVantage also sought a solution that would seamlessly integrate with its existing core system in order to prevent any significant interruption in service.

“We were initially apprehensive about implementing a new servicing platform, due to the potential difficulties the process could present in regard to our very specific operational needs, as well as aligning with our existing Symitar core system,” said Stacy Bouche, vice president and chief mortgage lending officer of CoVantage Credit Union.  “We knew that finding a compatible servicing system was of the utmost importance, but we also wanted to work with a technology platform that could provide us with greater reporting and escrow capabilities to adequately enhance day-to-day operations.”

CoVantage Selects FICS to Emulate Success Experienced at Similar Institutions

Based on a reputation as an industry leader in secondary servicing, as well as the positive feedback from several existing customers with similar servicing practices, CoVantage selected Financial Industry Computer Systems, Inc. (FICS^®) to outfit the institution with the necessary software to improve the functionality and efficiency of its servicing department.  “After hearing such positive feedback about FICS’ invaluable combination of advanced solutions and a highly attentive support team, the company quickly stood out among the competition,” said Bouche.  “Once we learned that their system was not only compatible with our core platform, but also met our particular servicing needs, we knew we had found the technology provider we had been looking for.”

CoVantage began using two of FICS’ signature software products, Mortgage Servicer^® and Mortgage Accountant^®, in late 2005.  Combined, the comprehensive mortgage servicing solutions provided CoVantage with an array of automated capabilities to eliminate time-intensive manual processes.  This enabled the institution to significantly enhance the efficiency of its employees, and the department as a whole, by providing greater access to the most current loan data and streamlining the overall management process.

Going Strong Since Day One

Since the initial implementation of both FICS solutions, CoVantage has experienced a noticeable improvement in the availability and reporting flexibility of its loan data, enabling the servicing department to more effectively communicate with Fannie Mae.

“FICS has truly become a necessity for us,” said Bouche.  “Not only are Mortgage Servicer and Mortgage Accountant an integral part of our successful relationship with Fannie Mae, but both solutions also allow us to remain up-to-date with the latest regulatory changes well in advance of the mandated deadlines.”

CoVantage also points to FICS’ superior customer support staff as a key factor in the successful implementation and daily management of both systems.  “At first, the thought of implementing new servicing technology seemed extremely intimidating, but the FICS support staff have addressed any and all concerns we’ve had in a timely and professional manner,” said Bouche.  “The continued support FICS provides our employees is absolutely one of the things I love most about working with the organization, and is definitely a big part of our on-going success as a servicer.”

Beyond the added flexibility, expert support and operational efficiencies that CoVantage’s servicing department has gained from working with FICS, the relationship has benefitted the institution as a whole by broadening its available service offerings to new and existing members.  “Having now worked with the organization for nearly a decade, we can definitely attest to the significant impact Mortgage Servicer and Mortgage Accountant have had on our specific business model,” said Bouche.  “By implementing these technologies, FICS has made us a more competitive force in our area, and has allowed us to better cater to our members’ changing needs.”

About CoVantage Credit Union

Based in Antigo, Wis., CoVantage Credit Union currently serves 19 counties across Wisconsin and upper Michigan, boasting 12 convenient branch locations. Founded in 1953, CoVantage Credit Union remains focused on providing members with outstanding value and exceptional services, such as savings, checking, mortgage, auto loans, credit and debit cards, and online and mobile banking.  To learn more about CoVantage Credit Union, visit www.covantagecu.org.

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 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.