Hunting For Efficiency And More Control

In order to increase efficiency and control over its real estate loan servicing operations, Fort Worth, Texas-based American Airlines Federal Credit Union (FCU) has relied upon mortgage loan servicing software provider Financial Industry Computer Systems, Inc. (FICS) to implement FICS’ Mortgage Servicer and Mortgage Accountant solutions.

The solutions enable American Airlines Credit Union to reduce the data entry required in all phases of loan servicing and provide more streamlined automation to the new loan boarding process and escrow management.  Credit Union executives also cited the extra control on payment processing, as well as the ability to participate more effectively in the secondary market as key factors in their decision.  FICS provides the Credit Union ongoing training for implementing regulatory changes through regularly scheduled webinars.

“American Airlines Credit Union needed a system for mortgage loans that required less data entry and greater efficiencies and automation for all phases of the loan servicing process, from boarding new loans through payoff and everything in between,” said Aubrey Magyar, mortgage servicing manager at American Airlines Credit Union. “Almost immediately after implementing Mortgage Servicer and Mortgage Accountant, we were heavily involved in reviewing our internal processes and determining the changes required of our Credit Union as a result of the pending CFPB regulatory changes. During this time, FICS was also working diligently to interpret the regulations and develop solutions to enable its customers to comply with the many new regulations specific to loan servicing.”

FICS’ Mortgage Servicer provides  American Airlines Credit Union with the automation necessary to efficiently perform its residential loan-servicing functions, including escrow administration, collections, investor accounting, payment processing, loss mitigation, and year-end reporting while providing staff with immediate access to customer information. Mortgage Accountant was selected by American Airlines Credit Union to automate accounting capabilities that simplify daily balancing and monthly reporting, including distribution and movement of mortgage funds through ACH and account reconciliation.

“American Airlines Credit Union has utilized Mortgage Servicer and Mortgage Accountant to meet its goals of greater efficiency and control through the automation and simplification of many processes,” said Susan Graham, president and chief operating officer of FICS. “Moving forward, FICS will continue to provide the Credit Union with the training and technological support necessary to meet regulatory compliance demands as well as evolving servicing needs.”