FNC(R) to Brief U.S. Mortgage Lenders on Home Valuation Code of Conduct

Bill Rayburn, CEO of the technology company that streamlined collateral management for the nation's major mortgage lenders, will lead the call, which begins at 2 p.m. CST Jan. 7.

Rayburn is expected to address the following: the overall scope of the agreement; what the new policies and procedures mean for FNC clients; how FNC will help its clients comply; and next steps. Any questions the lender clients have will also be addressed.

Rayburn has said FNC's Collateral Management System(R) (CMS(R)) for enterprise lenders and its Collateral Headquarters(TM) (CHQ) platform designed for regional and community banks are the solutions mortgage lenders will need when the new rules take effect May 1.

On March 3, 2008,New York Attorney General Andrew Cuomo announced an agreement with Fannie Mae, Freddie Mac, and the Office of Federal Housing Enterprise Oversight to establish a Home Valuation Protection Program. The program demands significant changes to the real estate appraisal process for residential mortgage transactions and includes a Code of Conduct that mandates appraiser independence and appraisal compliance to regulatory standards among other new guidelines.

Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that buy mortgage loan portfolios from lenders, allowing the lenders to fund more loans. The GSEs agreed not to buy the loans unless banks prove they order appraisals from independent vendors who will provide objective valuations. The stipulation also applies to mortgage brokers, who have historically selected their own appraisers -- a practice linked to appraisal fraud.

"Documentation of the entire loan process is critical, as is evidence of appraiser independence, compliance to USPAP standards, and indications of appraisal or appraiser violations," Rayburn said. "We provide clients with solutions for all of these issues."

Mortgage lenders interested in attending the conference call should contact FNC at (888) 963-3330.

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's Web site at www.fncinc.com.

To interview Bill Rayburn or any of FNC's mortgage industry experts, contact:

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

Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.
Bob Dorsey
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=52873
Bill Rayburn
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=52871

SOURCE FNC, Inc.

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