FNC technology enables regulatory compliance for VMCsMortgagePress.comFNC, vendor management companies, VMCs, Collateral Headquarters, Home Valuation Code of Conduct, HVCC, Generally Accepted Appraisal Rules
Now, more than ever, vendor management companies (VMCs) are
concerned about being able to prove they're fair and impartial when
placing valuation orders, especially in light of recently proposed
guidelines designed to further enforce appraiser independence.
Mortgage technology company FNC Inc. has announced that its
Collateral Headquarters product will help vendor management
companies conform to the new Home Valuation Code of Conduct and
Regulation Z guidelines.
"As HVCC and Reg Z requirements come to fruition, more and more
lenders will ask their VMCs if they're in compliance," said Kagan
Coughlin, FNC product manager. "Owners of VMCs who use the
Collateral Headquarters system can be confident that their
Coughlin said the Collateral Headquarters system features vendor
management functionality that assigns orders to appraisers and
valuation professionals in an automated, round-robin sequence, thus
preventing bias. The system also documents such
activity-documentation that can potentially be used as evidence of
compliance if necessary.
FNC Chief Legal Officer Neil Olson said, "Collateral
Headquarters will support vendor management companies by providing
the necessary documentation of their appraisal review process and
due diligence in compliance with Reg. Z and the HVCC."
According to product information, Collateral Headquarters in
conjunction with FNC's Generally Accepted Appraisal Rules (GAAR),
provides automated tracking of appraisal review procedures,
guidelines, and results while maintaining a consistent method of
screening appraisal reports for accuracy, compliance, and risk.
For more information, visit www.fncinc.com.