SOURCE: FNC Inc.

FNC Inc.

July 09, 2010 11:28 ET

FNC Inc. Addresses New Fannie Mae Appraisal Guidelines; Updates Clients

Mortgage Technology Company Says Its Platforms Ensure Compliance

OXFORD, MS--(Marketwire - July 9, 2010) -  In a Thursday blog post, mortgage technology company FNC Inc. discussed the potential impact of new Fannie Mae appraisal requirements and assured its clients their FNC systems meet their compliance needs.

"Most of the changes on the surface appear to be minor and may already be addressed as part of our clients' processes. Some, however, may require additional work and effort on the part of the lender," said Shawn Telford, FNC's director of product management.

Telford believes three of the new requirements potentially carry the most weight:

  1. Fannie Mae's requirement that an appraisal be revised by the original appraiser or, if unavailable, provide a replacement that is at least the same level of inspection as the original. Fannie Mae also requires that the reviewer be licensed in the state where the property is located and have access to all needed data.
  1. Fannie Mae's requirement that lenders must ensure that the appraisers they use are familiar with the area.
  1. While requiring appraisers to include interior photographs is easy, ensuring they do so could be challenging. Without an FNC system, lenders would have to manually review each page of the appraisal report. The FNC platform can automatically check for the inclusion of appropriate photos and ensure enterprise-wide compliance.

Telford said mortgage lenders and servicers who use FNC's Collateral Management System® (CMS®) and Collateral Headquarters (CHQ) platforms as well as the AI Ready data standard can rest assured that compliance with these changes is essentially automatic.

FNC clients include the nation's major lenders and servicers. Because they use FNC systems, their appraisers will continue to be able to provide the required appraisal data while the system tracks and processes the appraisals in a compliant manner, keeping the client in compliance across the enterprise.

Telford says FNC's CMS and CHQ platforms can help lenders and management companies ensure compliance with all of these critical requirements.

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 Information

  • For more information or to arrange an interview with 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