LATHAM, N.Y. -
Working with Dallas-based FICS, CUCMC provides mortgage loan servicing to about 200 credit unions. By implementing the latest enhancement-FICS' eStatus, an online interface where members can access mortgage account information-CUCMC has been able to save time and space for its credit unions and their members.
"We hear back from credit union members who are happy because they don't have to wait for the mail anymore," said Krista Currie, mortgage servicing manager at CUCMC. "It cuts down on the calls with questions, it reduces the time answering questions. The bottom line is it allows us to provide better member service."
Since September 2006, CUCMC has seen a 43.5% increase in the number of people registering for online access and an 87% increase in the number of mortgage payments made online.
Then in 2007, CUCMC implemented FICS' imaging system, Radstar to electronically store all reports and documents. Used in conjunction with eStatus, the league affiliate can now send e-mail notifications to let borrowers know that their monthly statements and escrow analysis reports are available online.
"We have eliminated paper filing," Currie explained. "Before, we couldn't store documents and have easy access to them for as long because we simpky didn't have the space. So, once a billing statement was created, it was gone. Now we can have those saved for about three or four months, so when a member has questions about something, we can pull it up easily."
CUCMC has been able to decrease the need to request paper files from its offsite storage facility and have saved two thirds of the time it used to take to print and file daily and monthly reports. "The savings of time and labor expenses, printing, paper and storage space costs all contribute to a higher level of customer service to our borrowers and to the increase in revenues of CUCMC," Currie noted. "This surpassed our expectations. It's been more popular than we thought it would."
Susan Graham, vice president of operations at FICS, said CUCMC's rapid implementation of enhancements to the loan-servicing system is the best way to make the most of any vendor-provided service. "CUCMC is very organized, very efficient," she said. "Credit unions are really striving to use online access, even more so that banks and mortgage companies, and this is a good example of that."
The two keys to success, Graham suggested, are making sure to get multiple employees fully trained on a given system so that when there is turnover that knowledge isn't lost, and really digging in with the vendor to make sure a system's functionality is being used to its fullest.
"Contact your vendor to see what services they provide," she advised. "If you can communicate what it is you are trying to accomplish to your vendor, they should be able to figure out if there's something in the system that can be adapted to that purpose or if that capability is already there. That's what CUC Mortgage does."
FOR MORE INFORMATION
www.cucmortgage.com
www.loanware.com
