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Indiana Members Credit Union (IMCU) is a large - $869M asset – credit union that operates like a much smaller credit union in the sense that they are dedicated to delivering friendly, efficient service and low-cost financial products. For nearly fifty years, they have served their members in the Indianapolis area with virtually every product and service possible in the financial services realm, including affordable mortgages. Their partner on the technology side of mortgage lending for the past 15 plus years has been Financial Industry Computer Systems (FICS), a recognized industry leader in mortgage lending software.
In her 23-year tenure at IMCU, Deidra Dunagin has seen many technology vendors come and go. As vice president of Information Services, she continually checks the pulse of credit union technology vendors, their offerings and their support levels. “FICS is very popular in the financial services industry and for good reason,” she notes. “They are nice people to work with and we have always received friendly and informative technical support,” she adds.
Nancy Henderson, vice president of Mortgage Services at IMCU, concurs, “We have always had good support on the usage side. They are very patient and work with us closely.” FICS’s Loan Producer® package has been a stable and reliable workhorse product for the credit union for well over a decade. This powerful mortgage origination and processing package is a true Windows®-based 32 bit client/server system that is both easy to learn and to use. Nancy especially appreciates this fact when she has new hires in her department.
For those mortgages that IMCU chooses to keep in-house, they have turned to FICS’s Mortgage Servicer module, which is completely integrated with Loan Producer. Nancy raves, “if we decide to keep and service a mortgage, it transfers over easily without any re-keying. Mortgage Servicer is a really wonderful servicing package.” She is also pleased with the module’s ability to support bi-weekly payments which is a huge selling point to their members.
The most recent FICS module that IMCU has deployed is iNetAp, which enables the credit union’s 91,000 plus members the convenience of applying for a mortgage loan online. Members have the option of filling out a QuickApp or a CompleteApp on a secure Web site, depending on their preference. Deidra explains the advantages of the iNetAp system: “we receive applications more quickly now and can communicate more easily with the member and their home branch loan officer.” Applications zip around the credit union via secure e-mail, and the member can choose to visit one of the 20 branches that is most convenient to their home or workplace to close their mortgage.
“Nearly 10 percent of our applications now come via our members using iNetAp, and we have seen a nice increase in mortgage volume,” says Deidra. Members have access to multiple calculators that permit them to educate themselves on what type of mortgage is best for them and determine what their payments will be based on the different types of loans and rates available. Branch managers and other frontline credit union staff also use iNetAp – so much so that now roughly 50 percent of all branch mortgage applications originate from iNetAp. Nancy points out “allows us to capture a member’s application at the Point Of Sale and makes it more convenient for the member to visit their local branch or go online.”
Overall, both Deidra and Nancy report that the employees in their respective departments are very pleased with all of FICS’s modules and support. “They are willing to accommodate our request for enhancements, and we have seen them add functionality over the years,” reports Deidra. Nancy concludes that “FICS keeps up with the latest industry trends, and we would definitely recommend them to other credit unions looking for mortgage technology software.”