Tasked with building a new servicing division, Murfreesboro, Tenn.-based Guaranty Trust Company turned to loan servicing software provider Financial Industry Computer Systems, Inc. (FICS) to manage its residential servicing department, through the use of Mortgage Servicer and Mortgage Accountant. Guaranty Trust was in need of a system which could handle interim servicing between the boarding and servicing of loans that they would retain with the assistance of a sub-servicer; as well as technology that could support loans to be sold and released on the secondary market.
According to company executives, numerous factors played a key role in their decision to implement FICS systems. Mortgage Servicer and Mortgage Accountant not only provided unique features and functionality within one comprehensive platform, but were also backed by a strong customer support team and thorough training programs.
“I’ve worked with FICS multiple times throughout my 30-year career, and can fully attest to their dedication to providing a high level of support and flexibility to customers,“ said Connie Robinson, vice president and servicing manager for Guaranty Trust Company. “When Guaranty Trust made the decision to implement Mortgage Servicer, we received a full service mortgage banking system, in addition to a customer service team that stands behind each product with unparalleled service and support. All of these elements play a significant role in ensuring that business processes run as smooth as possible, allowing us to maintain efficiency without sacrificing time and money elsewhere.”
Mortgage Servicer automates multiple loan servicing functions, including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. The user-friendly system is easy to navigate, and allows Guaranty Trust to access their customer information without issue. Mortgage Accountant automates accounting capabilities that simplify daily balancing and month-end reporting, including bank account reconciliation and the distribution and movement of mortgage funds through ACH. Since implementing both platforms in to their newly-designed servicing division, Guaranty Trust has been able to increase the number of loans managed by each employee, allowing the mortgage provider to steadily increase revenue.
“Servicers require automation and ease-of-use from the various technologies they utilize every day,” said Susan Graham, president and chief operating officer of FICS. “Mortgage Servicer and Mortgage Accountant have provided Guaranty Trust the platform to develop a new servicing division, and I am beyond satisfied that FICS has been able to accommodate the company’s growth, all while maintaining the superior level of customer support that servicers deserve.”