FNC(R) Technology to Help Fannie Mae Streamline Appraisal-Related Processes
Fannie Mae will use FNC’s flagship product to mitigate risk, streamline
workflow
OXFORD, Miss., June 2 /PRNewswire/ — Fannie Mae, the nation’s largest
purchaser of mortgages in the secondary market, is using FNC systems to
mitigate risk and streamline its appraisal-related processes, FNC officials
announced today.
Technology company FNC Inc., creator of the Collateral Management
System(R) (CMS(R)) — a workflow solution used by the nation’s largest
mortgage lenders — signed Fannie Mae as a new client on March 17.
Fannie Mae began using the CMS on April 14 to streamline its
foreclosure appraisal processes in two of its divisions: the National
Property Disposition Center (NPDC) and the National Underwriting Center
(NUC), both in Dallas.
Both the NPDC, which processes more than 10,000 appraisals per month,
and the NUC, which processes about 1,000 appraisals per month, are
concerned about mitigating risk associated with fraud, according to John
Scott, FNC’s director of alliance sales.
FNC’s analytic product GAAR(R) (Generally Accepted Appraisal Rules(TM))
is the solution, Scott said. Built into the CMS, the GAAR Risk Series
automatically reviews appraisals and instantly flags any violations that
may be indicators of fraud.
Additionally, the CMS will automate many of Fannie Mae’s historically
manual processes, including ordering appraisals and the subsequent
tracking, receipt, analysis, and reporting processes related to those
appraisals. FNC systems will allow Fannie Mae to process more appraisals,
more accurately, saving the Enterprise both time and money.
About Fannie Mae
Fannie Mae is a shareholder-owned company with a public mission. The
enterprise exists to expand affordable housing and bring global capital to
local communities in order to serve the U.S. housing market. Fannie Mae has
a federal charter and operates in America’s secondary mortgage market to
ensure that mortgage bankers and other lenders have enough funds to lend to
home buyers at low rates. 2008 marks Fannie Mae’s 70th year of service to
America’s housing market.
About FNC Inc.
FNC pioneered real estate collateral information technology. Since
1999, FNC has driven down costs and streamlined loan processing for the
nation’s largest mortgage lenders. With its collateral management platforms
and collateral-focused data and analytics, FNC provides advanced insight
into the property backing a loan from origination to capital markets. No
one understands real estate collateral better than FNC. Visit FNC online at
http://www.fncinc.com .
To interview John Scott or any of FNC’s mortgage industry experts,
contact:
Bill Dabney, manager of public relations
FNC Inc.
Phone 662/236.8304
bdabney@fncinc.com
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Source: Real Estate Newswire