Murfreesboro, Tenn.-based Guaranty Trust Co. is now using loan servicing software provider Financial Industry Computer Systems Inc. (FICS) to manage Guaranty's residential servicing department, through the use of FICS' Mortgage Servicer and Mortgage Accountant.
Guaranty Trust says it was in need of a system to handle interim servicing between the boarding and servicing of loans that it would retain with the assistance of a subservicer, as well as technology that could support loans to be sold and released on the secondary market.
Guaranty says Mortgage Servicer automates multiple loan servicing functions, including escrow administration, collections, investor accounting, payment processing, loss mitigation and year-end reporting; 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.
According to the company, since implementing both platforms in its 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.
