LenderLive Turns to FICS® Software to Power Its Customized Service, High-volume Mortgage Loan Servicing Business
FICS® Customer Since 2011
When LenderLive began building its loan servicing business, division president Dave Vida already knew what residential servicing software platform he wanted to build the service on – Financial Industry Computer Systems’ Inc. (FICS) Mortgage Servicer®.
Building a Flexible System to Meet Customer Needs
When LenderLive began building its loan servicing business, division president Dave Vida already knew what residential servicing software platform he wanted to build the service on – Financial Industry Computer Systems’ Inc. (FICS) Mortgage Servicer.
“I have used FICS’ software for almost 20 years while I built and/or ran four previous companies,” Vida said, “and I knew that Mortgage Servicer would provide the flexibility, comprehensive database, and cost that would best position LenderLive for success.”
Mortgage Servicer automates mortgage servicing functions including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. The software also provides full access to the database underlying the system, helping servicers to build a flexible workflow that meets their individual needs.
For LenderLive, flexibility was key. The company has evolved as a hybrid servicer, combining the customization and service of a specialty servicer with the volume and capabilities of a traditional subservicer. As a result, Vida wanted to ensure that the servicing software he used provided complete access to the database and supported the ability for LenderLive to write additional applications to drive their specific workflows.
“Our value to our clients is the ability to provide custom loan servicing solutions,” Vida explained. “Without FICS, I wouldn’t be able to promise the things I promise my clients. Mortgage Servicer enables us to use data to quickly build tools and provide that customization that we couldn’t otherwise support.”
Vida added that LenderLive takes an innovative approach to building custom workflows. The company builds tools to drive processes and reporting using FICS’ database.
“FICS’ data structure and our abilities make it easy to build custom applications, such as ones for loss mitigation to drive our specific workflow,” Vida said. “We can build quickly because of our expertise, and the tools help complete data exchange between clients and Mortgage Servicer.”
FICS’ Service Culture Powers LenderLive’s Business:
Vida added that another benefit to working with FICS is its “culture of service.”
“FICS is a family-run business that is very responsive to our needs,” Vida said. “When we first began implementing Mortgage Servicer for LenderLive, we were up and running in just one weekend.”
Vida added that the high level of service permeates all areas of the company.
“My confidence in Mortgage Servicer enables me to offer a partner a specific type of solution, assured that I can deliver the results within days,” Vida said. “My service team includes contacts that I have worked with for more than 15 years, and their broad knowledge of the system helps me deliver the things I need.”
Vida added that FICS’ dedication to service mirrors LenderLive’s own approach. The company works with its customers to build custom workflows for better interactions and communication with borrowers.
Cost-Effective Software Builds the Bottom Line
In any servicing business, the cost of software can have a major impact on the bottom line, and for LenderLive, FICS’ Mortgage Servicer presents the best combination of both functionality and value. Vida added that the combination of cost, service, and functionality are the perfect mix for LenderLive.
“For a reasonable investment, I have an end-to-end, robust servicing platform,” Vida said. “But beyond that, the implementation cost was a fraction of other options and no service fees meant that in total, I saved at least 50 percent compared to similar products on the market.”
“Our initial growth has been outstanding,” Vida said. “We launched in specialty servicing, but we’ve expanded to become GSE-approved, and we’re seeing a lot of opportunities with banks, credit unions and mid-sized lenders who are originating new business. As we grow, we know FICS will continue to grow with us and ensure that we have the backbone needed to provide the highest quality servicing available in the industry.”
About LenderLive Network Inc.
LenderLive is a domestic-based mortgage services provider. Through its five divisions – origination services, conduit services, document services, settlement services and loan servicing – LenderLive offers the people, technology and processes to support its clients’ origination, servicing and loan purchase operations. From large-scale, centralized operations centers, the company provides services to financial institutions of all sizes on a national basis. With tens of millions of transactions processed through its expansive service offering, LenderLive offers the vision, experience, and innovation on which financial institutions can rely.
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.