Fidelity and Trust Mortgage Uses MortgageFlex Servicing

MortgageFlex Systems Inc. has added Fidelity & Trust Mortgage, Chevy Chase, Md., as a customer for its new LoanQuest Servicing system.

The system, powered by Web-based technology, "appealed to us because of its seamless integration with origination," said Mike Wallace, F&T's manager of servicing, in a news release. The company already uses the LoanQuest Residential Lending System from MortgageFlex to automate their loan origination process.

"We liked the origination system with its marketing and other functions all inclusive and integrated with custom options," said Mr. Wallace. "Everything was together rather than piecemeal and cobbled together."

A wholly owned subsidiary of Fidelity & Trust Bank, F&T Mortgage originates, underwrites, funds and sells all its residential mortgage loans, which totaled just over $1 billion last year, through offices in North Carolina, Virginia, Bethesda and Gaithersburg, Md., as well as several satellite offices in those areas.

According to Mr. Wallace, the company has gone "live" this month, after adding numerous features that will provide a custom fit for its servicing needs. "Until now, we have been holding loans in portfolio and servicing them for a few months until they are sold to investors on a service-released basis. In the future, we would like to the sell our loans on a service-retained basis, allowing us to generate additional income per loan."

He says loan tracking will be easier and more accurate.

"We used to hand-enter data into an Excel format to track the process. Now, we can transfer information automatically, and as we sell off loans we can generate reports and then upload right into our accounting system without worrying about human error."

Mr. Wallace says that means "a lot fewer people hours and, as we grow, we won't need to add staff because the system will accomplish what people used to do."

(c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

Next in News ►