Charlotte Metro Credit Union upgrades to FICS solutions

Abstract

Financial Industry Computer Systems (FICS) Inc announced that Charlotte, NC-based Charlotte Metro Credit Union has upgraded its mortgage loan origination and servicing infrastructure with the successful implementation of several FICS mortgage solutions. FICS has been able to help Charlotte Metro Credit Union automate and streamline its mortgage loan origination and servicing processes, as well as provide a vehicle for members to electronically access information -- which benefits both its members and employees. Since going live on the system in April, efficiency has increased at the credit union.

Financial Industry Computer Systems Inc. (FICS), Dallas, announced that Charlotte, North Carolina-based Charlotte Metro Credit Union has upgraded its mortgage loan origination and servicing infrastructure with the successful implementation of several FICS mortgage solutions.

Among the solutions Charlotte Metro Credit Union has implemented are Loan Producer(TM), FIGS' mortgage loan origination system (LOS); Mortgage Servicer(TM), the company's residential mortgage loan-servicing system; Mortgage Accountant(TM), FICS' automated custodial accounting system; and Real Time Access(TM), FIGS' application enabling real-time access between the credit union's core system and FIGS' servicing system.

"FIGS has been able to help Charlotte Metro Credit Union automate and streamline its mortgage loan origination and servicing processes, as well as provide a vehicle for members to electronically access information-which benefits both its members and employees," said Dawn Gibbs, FIGS' president and chief executive officer. "Providing members with the ability to access information at their convenience, as well as reduce necessary manual procedures, enables the credit union to redirect available resources to better increase internal efficiency."

Charlotte Metro Credit Union purchased FICS' solutions in December 2005 to replace an existing system that operated using outdated software and that did not integrate with the credit union's core operating system, Symitar.

Because the existing system was not flexible, credit union officials realized it required a system that could handle a growing portfolio of mortgage loans, as well as provide support and integration to existing systems, said Norman Whiteside, Charlotte Metro Credit Union's vice president of branch administration.

"We chose to implement FIGS' solutions not only because of the ability to interface with Symitar, but because of [their] ability to easily automate crucial functions. FICS also gives us the ability to customize the solutions to fit our needs, allowing us to easily add a product, enhance a product line or change select qualifications," explained Whiteside. "The updated technology enables us to grow the mortgage department and pursue future growth by offering new products to members, resulting in increased member service."

Since going live on the system in April, efficiency has increased at the credit union. Because members are able to access select information directly online, credit union employees are able to focus on additional member-building initiatives, according to Whiteside.

Whiteside also noted that with FIGS' Windows®-based solutions in place, Charlotte Metro Credit Union is also able to easily access reports and specific members' data, loans are underwritten faster and loan origination is quicker. With the enhanced automated capabilities and product offerings, the credit union's mortgage department can handle a higher volume of loans without adding staff.

"Our goal in implementing FICS was to provide the mortgage department with up-to-date technology that would give them total flexibility to do anything they wanted in the mortgage market, as well as provide a resource that would easily integrate into our operating system," said Whiteside. "We have accomplished all these goals."