SOURCE: FNC Inc.

FNC Inc.

April 26, 2011 13:58 ET

FNC Clients Ready to Comply With GSE Data Initiative

OXFORD, MS--(Marketwire - Apr 26, 2011) - When the GSE's Uniform Collateral Data Portal(SM) (UCDP(SM)) goes live in June, FNC® clients will be ready, the mortgage technology company announced Tuesday.

As of June 27, Fannie Mae and Freddie Mac will begin accepting appraisal reports via an internet portal specifically designed to receive the property information and valuations as electronic data. Lenders will be required to submit electronic appraisal data for loan applications as of Dec. 1, 2011, for loans delivered to the GSEs on or after March 2012.

"All FNC Collateral Management System® (CMS®) and Collateral Headquarters™ (CHQ™) platform clients, regardless of size, will be able to automatically submit appraisals as XML data directly to the UCDP via FNC's direct integration. FNC will provide this service at no additional cost to its CMS and CHQ clients," said David Work, FNC's executive vice president of sales.

"On behalf of our clients -- which include seven of the nation's top 10 mortgage lenders -- FNC has been working closely with the GSEs to ensure a seamless transition to this process," said Shawn Telford, FNC's director of product management.

Telford said these mortgage lenders already have appraisals as data and the technology needed to comply with the UCDP initiative. FNC pioneered now-proven collateral management platforms that lead the industry in supporting retail, wholesale, correspondent, servicing, capital markets, and appraisal management companies.

"As the foremost experts in appraisal data, FNC is supportive of the GSEs in this effort and is excited about the opportunities this change brings," said Mike Mitchell, FNC's chief strategy officer. "Since its inception FNC has worked tirelessly to provide its clients access to the data that exists in their collateral valuation documents in order to automate compliance and increase efficiency and transparency."

Additionally, FNC's GAAR® (Generally Accepted Appraisal Rules™) service will process UAD-formatted appraisals. GAAR automates appraisal review by flagging compliance issues and possible indicators of risk. FNC's clients will continue to leverage the same proven communications workflow with their appraisers and AMCs.

Appraisal reports submitted to the UCDP must be formatted according to standards mandated by the GSEs. One approved formatting option is the AI Ready™ XML data standard. This open data standard was developed by FNC in conjunction with the Appraisal Institute in 1998 and is universally available in appraisal creation software packages.

"AI Ready will support the UAD formatting and is one of the acceptable file delivery formats for the UCDP," Telford said. "FNC clients can be assured that FNC has them covered; we have worked closely with the GSEs' UCDP and UAD teams to ensure our clients' platforms are ready and the transition to this new process is as seamless as possible."

For more information on FNC solutions, please contact FNC or visit our website at www.fncinc.com. For more information about the UCDP and UAD programs, please consult the GSEs' websites.

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 government 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 Information

  • To interview Mike Mitchell, Shawn Telford, or any of FNC's mortgage industry experts, contact:

    Bill Dabney
    manager of public relations
    FNC, Inc.
    Phone 662/236.8304
    Email Contact