University Credit Union Successfully Grows Residential Mortgage Servicing Portfolio With Support From FICS®' Software
FICS Customer since 2004
Since 2004, University Credit Union has relied exclusively on FICS' residential mortgage servicing software, Mortgage Servicer® and eStatus Connect®, to support all aspects of the credit union's and the sub-servicer's operations.
University Credit Union has served the University of Maine community (students, faculty and staff, and alumni) for more than 40 years through its five branch offices located throughout the state.
The credit union has relied heavily on primary mortgage lending as a member capture and retention tool, and presently, the credit union boasts a 4.4 products per member penetration base. In fact, the credit union’s lending acumen, high level of member service and progressive use of technology recently landed it as one of the top 15 credit unions on Credit Union Business’ Top 100 Credit Unions in Lending listing despite its relative size (University Credit Union was the smallest credit union included on the list in terms of total assets, but ranked above 87 percent of credit unions making the list).
University Credit Union currently maintains a mortgage servicing portfolio of approximately $87 million and also owns and operates a separate, third-party mortgage loan sub-servicing company for a number of its partner credit unions in Maine. Cumulatively, the two organizations represent more than $160 million in residential mortgage loans serviced.
Since 2004, University Credit Union has relied exclusively on FICS®’ residential mortgage servicing software, Mortgage Servicer® and eStatus Connect®, to support all aspects of the credit union’s and the sub-servicer’s operations.
“FICS’ software solutions are an important component of our mortgage servicing operations and have really enabled us to operate much more efficiently and better meet our members' needs over the years,” said Kristen Perry, vice president of Finance and Technology, University Credit Union.
In particular, University Credit Union representatives cite Mortgage Servicer’s reporting capabilities as a valuable tool in both realizing significant efficiencies in day-to-day operations and in supporting member retention initiatives.
“Mortgage Servicer’s reporting capabilities have proven to be an instrumental tool in helping us better have our hands around our entire servicing portfolio,” said Perry. “Using Mortgage Servicer’s report writer tool, we can configure any type of report that we need from our monthly servicing database and use those reports to better manage our portfolio. For example, using Mortgage Servicer’s data, we have designed a monthly payoff report to track final payments and it gives us a much better picture of how well we are doing in retaining those members that are refinancing and, if we are not, determine which institutions they are moving their mortgage loans to and why.”
While University Credit Union’s member base appreciates the ability to conveniently conduct business at any one of the credit union’s brick-and-mortar branches, many members also enjoy the convenience of accessing and managing their mortgage information online through FICS’ eStatus Connect, an online tool that enables secure, real-time loan data access to borrowers. At present, 35 percent of University Credit Union’s member borrowers utilize eStatus Connect to regularly access their loan information and/or make payments online.
“In today’s environment, a solution like eStatus Connect is a necessity if you want to stay competitive in the marketplace and provide members with the level of convenience and service that they expect and deserve,” said Perry. “I feel that having eStatus Connect in place clearly communicates to our members that we are committed to providing the highest level of service online as well as through our branches and hopefully, that high level of convenience and functionality will continue to make us a viable option for our members for all of their needs versus any larger financial institutions in the marketplace.”
About University Credit Union
For more than four decades, University Credit Union has been committed to providing its members, through their input and ownership, personalized financial services, while promoting the value of education in Maine. University Credit Union serves its membership through branch locations in Orono, Bangor, Farmington and Portland, as well as online at www.ucu.maine.edu.
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.