Case Studies

Nevada Federal Credit Union Uses FICS® Software To Accommodate The Growing Needs Of The Credit Union And Its Members

FICS Customer since 1986

The credit union required the tools to effectively and efficiently manage their first mortgage loan portfolio as well as service loans in-house. In order to accommodate these needs, NFCU selected Dallas-based FICS' Loan Producer® and Mortgage Servicer®.

Nevada Federal Credit Union (NFCU) decided to expand its overall first mortgage processing and servicing capabilities, which led them to search for a comprehensive replacement system that could fulfill this need. The credit union required the tools to effectively and efficiently manage their first mortgage loan portfolio as well as service loans in-house. In order to accommodate these needs, NFCU selected Dallas-based FICS®’ Loan Producer® and Mortgage Servicer®. With the implementation of Loan Producer, the credit union is able to automate loan origination, processing, underwriting and closing. Mortgage Servicer provides the credit union with all the functions necessary to automate the servicing of mortgage loans.

“Nevada Federal Credit Union is dedicated to providing our members with the most comprehensive and up-to-date service and technology available,” said Bill Gibson, assistant vice president of Mortgage Servicing for Nevada Federal Credit Union. “We were growing–and continue to grow–and wanted to expand our services to include first mortgage loan origination and servicing.”

As the credit union continued to grow and the industry evolved, NFCU turned to FICS for its Mortgage Accountant application. With Mortgage Accountant®, the credit union is able to automate accounting capabilities to simplify daily balancing and month-end reporting.

In 2004, Nevada Federal Credit Union decided to expand its services yet again to further provide a more comprehensive solution to its members by opening a commercial lending department. In doing so, the credit union required a commercial lending solution that would integrate into its core processing system as well as work with its existing residential mortgage solutions provided by FICS. NFCU also wanted a system that would be user-friendly and require minimal training for NFCU employees.

“We faced a huge challenge entering into the commercial lending realm,” said Gibson. “With prior experience in commercial lending, I was particularly looking for a solution that could provide us with substantial tracking capabilities to handle our nearly $99 million in loans. To enable us to remain in compliance with audit requirements, we needed a product that could track financial activity and provide year-to-year statements.”

The initial success NFCU had with FICS’ products, the credit union’s commitment to providing excellent customer service to their members and the need to streamline operational back-office procedures led them to turn to FICS time and time again with each new need that came with the steady growth, so NFCU once again turned to FICS and purchased FICS’ Commercial Servicer® and Commercial Accountant® solutions to accommodate the operations of the newly developed commercial lending department.

“Commercial Accountant and Commercial Servicer gave us the user-friendly design and functionality we were looking for,” said Gibson. “Based on what FICS could offer and based on the needs of the credit union, we felt that FICS was the right fit to help our commercial lending department successfully grow.”

With the selection of Commercial Servicer, the credit union is able to service all types of commercial loans, including multifamily and commercial real estate. Working with the Commercial Servicer software, Commercial Accountant gives NFCU the automated accounting capabilities that simplify daily balancing and month-end reporting.

In addition to implementing FICS’ commercial servicing software, NFCU implemented FICS’ eStatus Connect® to provide online member service and support for its residential loan customers. With FICS’ online interface of eStatus Connect, members are now able to access mortgage account information at their convenience. NFCU’s Web site has a “First Mortgage” link that directs members to eStatus Connect for first mortgage loans. This link provides members with up-to-date loan information, including the most recent transactions, pending payment changes for adjustable rate mortgage (ARM) loans, current payment information and property information.

“eStatus Connect has been a huge asset for us,” said Gibson. “Our customers have been very pleased with the user-friendly design of the product and in having instant, immediate access to their accounts via the Internet 24 hours a day, seven days a week. The day we went live with the integration, borrowers were making payments online and accessing their accounts. Nevada Federal Credit Union is dedicated to providing its members with the highest level of service, and FICS understands and shares this value.”

In March 2005, NFCU implemented the FICS interface between Mortgage Servicer and the credit union’s mainframe, core processing system, Summit Spectrum® (provided by Summit Information Systems, a unit of Fiserv, Inc.). By enabling the credit union’s customer service representatives–within the call center and at the branch–to view information on first-mortgage loans, customer service levels have increased. With this interface, payments can be posted at the branch level and through the member’s home computer.

With the long-standing, established relationship Nevada Federal Credit Union had with FICS, adding the company’s supplemental mortgage products seemed like the logical next step in providing members with the service and support they expect. The credit union needed to expand its ability to provide advanced financial services to their borrowers and members. As NFCU’s needs and requirements grew, FICS was there to provide them with the products and services needed.

“We have been especially pleased with the customer service and support from FICS,” said Gibson. “They have been very responsive and accommodating to our needs, even honoring special requests. For example, FICS completely modified our check stock program, providing us with the capability to now print laser checks from blank check stock.”

FICS also fulfilled the credit union’s need to import the commercial loans originated with Harland Financial Solution’s LaserPro® into FICS’ Commercial Servicer software.

Implementing residential and commercial loan products was a smooth process for NFCU. With more than 20 years of experience using FICS’ products, employees were accustomed to the system and easily made the transition to utilizing the new software. The credit union estimates that its loan portfolio will continue to grow, estimating that approximately an additional $220 million in loans will be originated in 2007.

With the comprehensive software systems from FICS in place, Nevada Federal Credit Union can originate and service their loans more effectively and with fewer errors. The complete system integration allows for smooth and quick transactions as well as easy usability on behalf of employees and members.

About Nevada Federal Credit Union

Las Vegas, Nevada-based Nevada Federal Credit Union ($860 million in assets) currently serves more than 80,000 members in 21 branches throughout the state. The credit union offers residential and commercial account services to its members.

For more information about Nevada Federal Credit Union, please visit the company Web site at www.nevadafederal.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 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.

 

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