Frederick, Md.-based COMSTAR Federal Credit Union has implemented Financial Industry Computer Systems Inc.'s (FICS) mortgage software, Mortgage Servicer, to automate the servicing of mortgages sold to Freddie Mac.
Executives with COMSTAR, a community-based credit union, say the ability to keep the servicing of Freddie Mac loans in-house by using Mortgage Servicer, and its strong integration with the company's core processing system, enables them to provide a heightened level of service by placing data at the fingertips of credit union personnel who interact with members.
‘Our members receive better service when we handle the servicing of their mortgages,’ says Jason Ambrose, mortgage loan officer for COMSTAR Federal Credit Union. ‘Mortgage Servicer is very user-friendly and gives us the tools we need to not only meet our members' expectations, but also to reduce the costs and time spent processing payments, handling escrow accounts and reporting to regulatory agencies.’
Mortgage Servicer automates servicing functions, including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. COMSTAR credit union says the integration with the company's core system makes it easy to import and export loan data, and the system provides the capability to automate and reduce the time spent on monthly regulatory reports.