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FDIC announces plan to free up bank liquidity

National Mortgage Professional
Oct 15, 2008

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 operations comply." 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.
Published
Oct 15, 2008
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