Some details
About FCFCU:
First Citizens', is a federally chartered credit union headquartered in Massachusetts. With nine (9) full-service branches the credit union serves customers in New England.
Business Need:
As a full-service loan administrative and lending institution, FCFCU identified an opportunity to bundle and sell collaterallized auto and mortgage loans to other investors
looking to generate fixed-income yield. FCFCU maintains a 10% stake in the portfolios they sell, and provide full administrative support for debt collection, reporting, and distributions.Solution:
In the past, creating investor reports and calculating fees was a manual and error prone process taking approximately 1 week / month. FCFCU tasked Kinetech with building an investor portal that automated these repetitive tasks where investors could quickly examine their portfolio and securely download their monthly reports. The solution integrates loan payment data from FiServ via a secure SFTP site and notifies investors of which loans in their portfolio are in default in addition to calculating the fees paid to FCFCU for administering the loans.
Results:
The application was built in seven (7) weeks, and saves FCFCU approximately 12 weeks of work per year from one full-time employee. This results in a 20-25% increase in operational efficiency by bringing automation to repetitive tasks.