Desert Schools Federal Credit Union Purchases FICS' Commercial Servicer; CU to Have Entire Residential and Commercial Servicing Operations Through One Vendor

Financial Industry Computer Systems, Inc. (FICS), a mortgage technology specialist that provides in-house commercial loan servicing technology to the mortgage industry, announced today that Phoenix, Ariz.-based, Desert Schools Federal Credit Union has chosen FICS' commercial mortgage loan servicing system, Commercial Servicer(R), along with add-on product Commercial Accountant(R).

According to company officials, Desert Schools FCU selected the FICS system because it offered a commercial loan system that best matched its current FICS-driven residential mortgage loan servicing system, Mortgage Servicer. The credit union purchased Commercial Servicer in Nov. 2002 and plans to go live with the software in May 2003.

"We are familiar with FICS software, because we currently use it in our residential loan operations," said Robin O'Rorke, vice president of Desert Schools Federal Credit Union. "It was only natural for us to look to FICS again to support our business lending system. Using FICS will enable us to quickly forge ahead into this new, dynamic area."

Desert Schools FCU also purchased FICS' Commercial Accountant to automate daily cash book balancing and month-end reporting, which includes the distribution and movement of mortgage funds, bank account histories, trial balances, general ledger, P&I advances and recovery and ACH distribution. Additionally, Commercial Accountant provides a complete investor remittance program, for Fannie Mae, Ginnie Mae, and other secured pool investors.

"Desert Schools Federal Credit Union now positions itself uniquely in that it has both its residential and commercial servicing technology through one vendor - FICS," said Dawn Gibbs, president and CEO of FICS. "This is important because it enables the credit union to more efficiently implement the new commercial servicing system, since its staff is already familiar with the technology and user interfaces. This frees up the credit union's staff to focus less attention on learning the new commercial system and more attention on providing superior service to its membership."

About Desert Schools Federal Credit Union

Founded in 1939, Desert Schools Federal Credit Union proudly serves more than 245,000 members with more than $1.7 billion in assets through educational programs, community involvement and a full range of financial services.

About FICS

Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS) is a mortgage technology specialist that provides flexible, in-house commercial mortgage loan servicing solutions to the mortgage industry. FICS' commercial mortgage loan servicing system (Commercial Servicer) represents true, Windows(R)-based systems utilizing advanced Windows(R) technology. This 32-bit client/server application supports ODBC (Open Database Connectivity) relational databases, providing lenders with quick access to mortgage loan data with Microsoft Word, Excel and other ODBC compliant systems such as Access, IQ/Eureka or Crystal Reports.

COPYRIGHT 2003 Business Wire, 2003 Gale Group

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.