FNC(R) Technology to Streamline Appraisal Process for DC-Based Bank

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 inMaryland, Delaware,Virginia, and theDistrict 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 www.fncinc.com .

    Contact:
    Bill Dabney, manager of public relations
    FNC, Inc.
    Phone 662/236.8304
    bdabney@fncinc.com

SOURCE FNC, Inc.

Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze, Daily News

Tags: ,FIN,CPR,NET,RLT,CON,PDT,MS-FNC-Inc.-DC-Bank

   _   _

         

Is your favorite bookmark site missing? Ask for it.