Northwest Federal Credit Union Boosts Borrower, Investor Communication with FICS®' eStatus Connect®, LoanStat® Solutions
Herndon, Va.-based Northwest Federal Credit Union has expanded its relationship with residential and commercial loan servicing software provider Financial Industry Computer Systems, Inc. (FICS®) to manage its online mortgage loan banking portals with the addition of eStatus Connect® and LoanStat®. Functioning as an online tool for borrowers and investors alike, eStatus Connect provides key information and conveniences pertaining to residential mortgages, while LoanStat offers the same functionality for commercial mortgages.
In an effort to provide a more efficient method of communicating key information to borrowers and/or investors, Northwest Federal needed a new solution that would cater to the needs of both members and employees while also aligning with its existing core platform. Having successfully implemented FICS' Mortgage Servicer® and Commercial Servicer® solutions to manage in-house servicing needs, Northwest Federal once again turned to its trusted software provider to further enhance business efficiencies.
"Since we first began working with FICS, we have been thoroughly impressed with the level of customer support and friendly expert advice we've received," said Jennifer Kostelnik, assistant vice president of loan servicing for Northwest Federal. "The combination of FICS' knowledgeable staff and oustanding technology made eStatus Connect and LoanStat a natural fit for our institution. With the ongoing help of the FICS team, we were able to finish implementation for both solutions a full two weeks faster than our initial target date."
Previously only able to provide members with very small amounts of mortgage information, the advanced capabilities of eStatus Connect and LoanStat, such as online payment access and review of statements and notices, enabled Northwest Federal to attract more than 1,000 members to its online portals in just three weeks. Due to a proactive marketing strategy early in the implementation process, almost half of the credit union's mortgage customers now utilize the online portal to obtain mortgage loan data.
"Now that our members have access to a much greater level of information, we have seen a significant decrease in questions from our members, as they now have access to the same information we see on our end," added Kostelnik. "This is a huge win for our members and for our mortgage staff."
Both eStatus Connect and LoanStat serve as online banking sites for institutions like Northwest Federal, providing borrowers and/or investors with around-the-clock, convenient online access to their specific residential and commercial mortgage information. Both solutions seamlessly interface with FICS' corresponding servicing platforms, enabling quick and easy access to the most up-to-date information available from the financial institution.
"Based on the growing demands of today's technology-driven consumers, financial institutions are expected to provide on-demand access to the information and capabilities their customers need anytime, anywhere," said Susan Graham, president and chief operating officer of FICS. "Just as consumers have come to expect immediate feedback and support from the organizations they do business with, servicers expect the same from their technology vendors. By strategically combining advanced technology with unmatched service and support, we are able to ensure our users, like Northwest Federal Credit Union, successfully meet the needs of their customers as quickly and easily as possible."
About Northwest Federal Credit Union
Northwest Federal Credit Union is a full-service financial institution ranking among the largest credit unions in Virginia and in the top 50 credit unions in the nation. Established in 1947 and headquartered in Herndon, Va., Northwest Federal is dedicated to providing financial services and education to its members and the community. The Credit Union currently serves more than 125,000 members and has assets in excess of $2.6 billion. For more information, visit www.nwfcu.org.
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial software solutions to the mortgage industry. FICS' software systems are designed to operate on Microsoft® Windows® platforms using Microsoft® .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 in its full suite of products. Additional information about FICS is available at www.FICS.com.