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 www.fncinc.com . To interview John Scott or any of FNC's mortgage industry experts, contact: Bill Dabney, manager of public relations First Call Analyst:
CONTACT: Bill Dabney, manager of public relations of FNC Inc., Web site: http://www.fncinc.com/
2008-06-02 17:46:10 0375326 PRNEWSWIRE
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