|Virtual clearinghouse for collateral|
Desktop tool designed for banks, credit unions, and appraisal management companies, streamlines mortgage processing by automating appraisal ordering, assignment, tracking, and review—all from a single, centralized platform.
FNC® Introduces Collateral Headquarters
New Site Simplifies Collateral Management for Regional and Community Lenders
Oxford, Miss., (Dec. 10, 2007) – FNC Inc., the company that pioneered collateral management technology for major U.S. lenders, introduces Collateral Headquarters™, a similar solution designed for regional and community lenders.
Collateral Headquarters, a desktop tool designed for banks, credit unions, and appraisal management companies, streamlines mortgage processing by automating appraisal ordering, assignment, tracking, and review—all from a single, centralized platform.
“Using the system can improve your turn-times, cut costs, help with regulatory compliance, and track the performance of your institution and service providers,” said Kagan Coughlin, Collateral Headquarters product manager. “Collateral Headquarters effectively ends the age of phone tag, faxing, and e-mailing orders.”
Also gone are the paper-heavy reviews of the past, he said. Now, collateral documents arrive securely, having been automatically screened for completeness by FNC’s GAAR® (Generally Accepted Appraisal Rules™) completeness check. Reviewers have the option to only touch the reports that have potential problems.
Collateral Headquarters also gives lenders an administrative dashboard. All approved users have access to the details they need, allowing them to assign appraisals automatically to their pre-approved list of vendors; manage jobs by vendor, status or due date; use a time-and-date stamped record that tracks the progress of each loan in production; and immediately verify completed orders.
Additionally, Collateral Headquarters’ interactive reports module lets users create reports that detail the productivity rates of employees and vendors, the quality and speed of everyone involved in the loan process, and the volumes of loans in production.
In 1999, FNC released its Collateral Management System® (CMS®) to help lenders manage the many, minute details associated with the collateral (or real estate) backing a loan. Such accurate, quick, accessible information is more important than ever as mortgage lenders strive to fund profitable loans in a soft market.
“Collateral Headquarters is the product of nine years of knowledge gleaned from working to streamline the mortgage lending process. It has become an excellent piece of technology,” said FNC CEO Bill Rayburn. “Our developers and QA folks have done a fantastic job testing and refining it, preparing it for the market. I am excited about its release. I believe it will revolutionize the lending process on the regional and local level the way CMS did for major lenders.”
About FNC, Inc.
Headquartered in Oxford, Miss., 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.
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