Texas Bank Mortgage Company Relies on FICS' Mortgage Servicing Software and API to Automate Tax Reporting

Challenge:

Texas Bank Mortgage Company is a full-service mortgage company that originates, purchases and services loans. In particular, the company specializes in the niche market of community enhancement loans, which it services in-house.

Tax reporting presented the biggest challenge for Texas Bank Mortgage Company. Without the necessary automation capabilities available, this task was incredibly inefficient and time consuming, often requiring the company’s tax manager, Travis Murphy, to spend days on end paying and managing taxes and compiling reports. Given the regular nature of this task, it soon became clear that Texas Bank Mortgage Company needed a solution with robust automation capabilities that could cut down on both time and cost. It was also of the utmost importance that the company find the best software that was a fit for its size and could accommodate its more specialized needs.

Solution:

In 2010, Texas Bank Mortgage Company implemented a suite of FICS’ solutions originally consisting of Mortgage Servicer®, residential mortgage loan servicing software, Mortgage Accountant®, mortgage accounting software, and eStatus Connect®, a servicing web portal that offers borrowers the ability to make payments and access loan information online. Said Kurt Ochs, AVP of IT Projects at Texas Bank Mortgage Company, of the solution: “It fits our size of company, it does everything we need it to do, and FICS’ support staff is very helpful.”

In 2015, Texas Bank Mortgage Company added the newly released Mortgage Servicer® API to its suite of FICS® mortgage servicing software products to further enhance tax reporting. Using the Mortgage Servicer® API, Texas Bank Mortgage Company automated much of its End of Day, Mortgage Accountant® and MERS Interface processes.

Results:

Having automated their tax reporting processes, Texas Bank Mortgage Company is enjoying more efficiency and time savings, particularly in the area of paying taxes. “I asked our tax manager, Travis, how many hours the FICS® software saved him,” said Ochs. “He responded with it saved him days.”

Cutting down on the time it takes to complete tasks has resulted in a significant amount of cost savings for the company, too. In fact, the added efficiency has even allowed them to transform servicing into a profit source, according to Ochs: “The software has helped smooth out our cashflows and enabled us to generate service fee income.”

Perhaps most importantly, Texas Bank Mortgage Company found the solution that was a perfect fit for its size and needs, one of the main goals in searching for a new solution. As Ochs said, “When I asked our tax manager what the best thing about FICS’ software was, he said it was the fact that it was not the service bureau’s software.”

About FICS®

Financial Industry Computer Systems Inc. (FICS®) is a mortgage-software company specializing in cost-effective, mortgage loan origination, residential mortgage-servicing and commercial mortgage-servicing software for mortgage lenders, banks and credit unions. FICS’ software solutions use Microsoft ® .NET Framework and provide customers the flexibility to choose an in-house or cloud-hosting solution. FICS® also provides document-management and web-based capabilities in its full suite of products. Learn more at www.FICS.com.