FNC(R) Technology to Streamline Appraisal Process for DC-Based Bank
OXFORD, Miss., June 26 /PRNewswire/ — The largest financial
institution founded, owned, and headquartered in the Washington-Baltimore
metropolitan area will use FNC(R) technology to streamline its
multi-channel appraisal process at the wholesale, retail, and servicing
levels.
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 the D.C.-based bank on June 16. The bank operates
in Maryland, Delaware, Virginia, and the District of Columbia
“The CMS will allow our client to track each loan from origination on
to servicing and capital markets. CMS converts paper documents to data to
allow them to run each appraisal through a rule set to make sure it
complies with pertinent regulations,” explains Jeffrey Little, sales
executive at FNC. “Compliance is a big deal for lenders. Our systems help
to eliminate regulatory risk.”
Built into the CMS, the GAAR(R) (Generally Accepted Appraisal
Rules(TM)) Compliance and Risk Series automatically reviews appraisals and
instantly flags any violations that may be indicators of fraud. The CMS and
GAAR work in tandem to document the entire loan process, ensure appraiser
independence and compliance to USPAP standards, and highlight indicators of
appraisal or appraiser violations.
Additionally, the CMS will automate many of the bank’s historically
manual processes, including ordering appraisals and the subsequent
tracking, receipt, analysis, and reporting processes related to those
appraisals. FNC systems will allow the bank to process more appraisals,
more accurately, saving time and money.
About FNC, Inc.
FNC pioneered real estate collateral information technology. Since
1999, FNC has offered solutions that automate appraisal ordering, tracking,
documentation and review for lender compliance with OCC, OTS, Federal
Reserve, FDIC, and other regulations. FNC’s lender clients have realized
reduced costs and more efficient loan processing. 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 .
Contact:
Bill Dabney, manager of public relations
FNC, Inc.
Phone 662/236.8304
bdabney@fncinc.com
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[Via Real Estate Newswire]