Carolina Consortium Is Using FICS
Financial Industry Computer Systems, a mortgage technology specialist that provides in-house commercial servicing technology to the mortgage industry, launched at the MBA technology conference here the implementation of its software at Community Investment Corp. of North Carolina.
CICNC is an affordable housing loan consortium whose sole purpose is to provide long-term, permanent financing for the development of low- to moderate-income multifamily and elderly housing.
CICNC, a division of the North Carolina Bankers Association, purchased the FICS commercial real estate loan servicing system, Commercial Servicer, in December 2005 to replace its existing 10-year-old proprietary loan servicing system.
Because the existing system was not flexible in nature and did not provide technical support, CICNC realized that in order for the consortium to continue to successfully grow, it required a system that could handle the increased portfolio servicing needs, as well as a software provider that could provide the technical assistance and support the company required.
CICNC selected the FICS Commercial Servicer for the systems' flexibility, the ability to consolidate and track data and generate reports, and the technical assistance offered by the FICS customer service team, all enabling more efficient day-to-day portfolio management, according to an FICS news release.
"When selecting a new loan servicing system, we surveyed peers from a nationwide consortium peer group and found a large number using and recommending FICS," said Brad Frazier, vice president and operations manager of CICNC. "Since the implementation of Commercial Servicer, we have found the software to be very user-friendly and the level of training, service, support and product knowledge provided by the FICS staff has been extraordinary.
"FICS has helped position the consortium to grow into a more efficient and competitive organization and has enabled us to exceed growth in a number of different areas, such as new loan offering variations and new servicing techniques. The system has cut paper consumption in half and has freed the staff to focus on additional revenue generating activities such as business development."
"FICS has been able to help CICNC automate and streamline its loan servicing processes, benefiting both its customers and employees," said Dawn Gibbs, president and CEO of FICS. "With fewer necessary manual procedures as a result of our software solutions, CICNC has been able to redirect available resources to better increase internal efficiency and revenue generation, making for a more competitive consortium."
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