In an effort to enhance the functionality and overall efficiency of its in-house servicing operations, Gainsville, Ga.-based Homestar Financial Corporation has turned to mortgage loan servicing software provider Financial Industry Computer Systems, Inc. (FICS®) to automate its end-to-end servicing needs, with the implementation of Mortgage Servicer and Mortgage Accountant.
With the initial goal of launching a new in-house servicing department, Homestar Financial saw a clear need for a robust solution that would successfully enable the institution to strengthen its evolving loan servicing operations, without overwhelming its staff. Based on past experience with FICS’ comprehensive technology offerings, Homestar Financial made the decision to implement both Mortgage Servicer and Mortgage Accountant, citing ease-of-use and unmatched customer support as key factors in their decision.
“When we made the decision to bring servicing in-house, we sought a software that was flexible and easy to navigate, in an effort to prevent significant interruptions to our day-to-day operations,” said Wes Hunt, president of Homestar Financial Corporation. “Not only have Mortgage Servicer and Mortgage Accountant been able to fulfill all of our requirements, but with the assistance of FICS’ friendly and knowledgeable support staff, we were able to implement the systems six months faster than comparable offerings within the industry, and at a fraction of the cost.”
FICS’ Mortgage Servicer automates residential loan servicing functions, including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting. The user-friendly system provides Homestar Financial with immediate access to customer information at the touch of a button. To further support Homestar Financial’s servicing needs, Mortgage Accountant was selected to automate accounting capabilities, and simplify daily balancing and month-end reporting, including bank account reconciliation and the distribution and movement of mortgage funds through ACH.
Homestar Financial also elected to leverage FICS’ eStatus™ solution, which provides borrowers and investors with 24/7 online access to their specific loan information, as well as Radstar®, to efficiently manage documents and reports by imaging and storing them electronically. Since the implementation of FICS’ residential suite of loan software products, Homestar Financial has experienced noticeable enhancements to its servicing and customer service efforts, and fully expects to reap additional benefits in the future.
“In order to truly meet the unique needs of today’s servicers, the platform used to support a servicing operation must provide a high level of automation and flexibility,” said Susan Graham, president and chief operating officer of FICS. “Combined, Mortgage Servicer and Mortgage Accountant have already enabled Homestar Financial to successfully reach its initial servicing goals and as they move forward, FICS will continue to provide superior technology and expert support to ensure continuing success.”
About Homestar Financial Corporation
Headquartered in Gainsville, Ga., Homestar Financial Corporation began operation in April of 2002. Boasting a staff made up of some of the industry’s most knowledgeable and experienced professionals, Homestar Financial is a full-service mortgage banker offering in-house origination, underwriting, closing and funding of mortgage loan transactions. Homestar has become a regional leader in the Southeastern United States, licensed to conduct business in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. For more information, visit www.homestarfc.com.
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS), specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS’ systems are designed to operate on Microsoft® Windows® platforms with the most recent solutions written using .NET Framework that include a rich Windows® Presentation Foundation user interface and multi-tiered shareable services. The company also provides innovative document management and web-based capabilities into its full suite of products. Additional information about FICS is available via the company’s website at www.FICS.com.
- Mortgage Servicer
Stephen Sprayberry, 678-781-7207