Mortgage technology company FNC, Inc., can now provide its clients access to historical building permit data as the result of a partnership with BuildFax.

“Amid a shifting real estate market and ever-changing regulations, FNC’s collateral-focused data coupled with the building permit intelligence of BuildFax can provide needed solutions to help mortgage professionals make educated decisions on collateral value and increase confidence in overall loan quality,” says BuildFax President Holly Tachovsky.

According to the company, many of the top U.S. lenders and servicers use FNC’s Collateral Management System platform and data and analytic products to help automate their processing and ensure that quality collateral data supports the production of new mortgages and the servicing of existing mortgages. BuildFax data can now be accessed by these mortgage lenders and servicers to bolster their collateral underwriting and loan quality operations.

Lenders who use FNC’s CMS for their appraisal workflow and compliance solution will be able to leverage BuildFax data to:

• Identify potential issues with collateral, such as open permits, saving time and money.

• Compare the appraisal with building permit records to corroborate and quantify the appraiser’s observations on collateral condition, quality, features, and improvements, boosting confidence to move forward with the transaction.

• Benefit from the enhanced local permit activity analysis provided by BuildFax, showing property improvement activities on comparables and the surrounding market.

 

 

[This article was posted on April 4, 2012, on the website of ABA Banking Journal, www.ababj.com.]       

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