USA Medallion Funding Improves Taxi Loan Process, Satisfies Unique Business Focus with FICS®' Commercial Servicer® Software
FICS® Customer since 2012
After extensive research, USA Medallion selected and began utilizing FICS’ Commercial Servicer® software in August 2012. Commercial Servicer offers an affordable and secure solution for servicing all of the loans in USA Medallion’s portfolio through one central portal.
Founded in 2012 by president and CEO Paul Perez and First Jersey Credit Union (FJCU), USA Medallion Funding, LLC is a leading provider of taxi medallion financing. Headquartered in Wayne, N.J., the company combines industry expertise with strategic partner alliances in the areas of underwriting, monitoring, and brokering, to support its lending procedures.
USA Medallion found itself searching for a solution provider who could not only fit the company’s business model, but also provide the desired level of support and guidance needed to effectively enhance their lending processes. Previous experience with various technology providers did not sufficiently meet the lender’s needs, delivering poor customer service, in addition to inconsistent improvements to their lending practices.
“We were wary of collaborating with another technology provider after experiencing unsatisfactory services that would start off strong and then plummet after a short period of time,” stated Perez. “It was important to our business to find a company who would not only provide realistic feedback about how they could assist our business, but also one that would continue to deliver on those promises without issue.”
After extensive research, USA Medallion selected and began utilizing FICS’ Commercial Servicer software in August 2012. Commercial Servicer offers an affordable and secure solution for servicing all of the loans in USA Medallion’s portfolio through one central portal.
The user-friendly platform provides seamless data flow and automation, which allows the company to quickly generate down-to-the-penny calculations and reports when servicing their loans.
“After visiting the FICS headquarters in Dallas and seeing Commercial Servicer in action, it became clear that FICS was the perfect fit for our unique business model,” said Perez. “Since day one, the staff has fully understood the nature of the taxicab medallion business, and I was able to educate my team on the software resources that would lead to a smooth and successful implementation.”
Due to the unique structure of taxi medallion financing, USA Medallion’s ultimate goal was to find a technology solution that provided a high level of flexibility and guidance to maintain optimal efficiency, regardless of business changes or industry regulations. While Commercial Servicer provides users with thousands of pre-defined fields to ensure success, the software also enabled USA Medallion to create company specific user-defined fields to fit their distinct specifications.
“From the beginning, FICS worked with us to tailor the system setup to best meet our needs, and treated us with the individual attention we expect,” said Perez. “There have been absolutely no hiccups in our experience with FICS, and I fully expect this level of success to continue well into the future.”
Since implementing Commercial Servicer, USA Medallion has experienced a noticeable improvement in overall business efficiency. The levels of detail from the system’s intelligent reporting functions have eliminated inconsistencies in calculations, preventing employees from spending added time to correct errors. Additionally, USA Medallion was able to eliminate payment errors that were experienced with previous technology providers.
Commercial Servicer has not only assisted USA Medallion in lowering servicing costs and increasing employee productivity throughout the lending process, but Perez also cites additional cost savings, related to the solution’s integration capabilities, as further confirmation of his decision to collaborate with FICS.
“In the end, one of the top selling points for me was Commercial Servicer’s ability to seamlessly integrate with our current core system, which saved us a great deal of time and money that otherwise would have gone to making major modifications,” Perez said. “Thus far I have been thoroughly impressed with both the Commercial Servicer system, as well as the unprecedented level of support from the FICS team. I look forward to a successful and long-standing relationship with FICS, and have recommended Commercial Servicer to several other credit unions based on my experience.”
About USA Medallion Funding, LLC
Founded in 2012, USA Medallion Funding, LLC is a leading provider of taxi medallion financing for two of the nation’s top taxi medallion markets: New York City and Chicago. Through a continually expanding network of credit union and other business partnerships, USA Medallion assists customers with origination, servicing, and portfolios for their (via short-to-intermediate term “loan participation”) monthly cash flow assets. For more information on USA Medallion Funding, visit the company’s website at www.usamedallionfunding.com.
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.