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FNC releases new appraisal review technology

NationalMortgageProfessional.com
Feb 17, 2010

FNC Inc., a mortgage technology company known for automating processes for the nation’s major lenders, has released a new product designed to make appraisal review more efficient. The Web-based workflow software, GAAR Viewer, works hand-in-hand with one of FNC’s flagship products, the Generally Accepted Appraisal Rules (GAAR)—software that scours appraisal reports for any regulatory compliance violations, as well as inconsistencies and excessive adjustments--possible indicators of unsupported values and/or fraud. “This thorough, automated review tool serves as an assistant to the underwriter or reviewer, providing instant results of potential issues,” said Gwen Magrisso, GAAR project manager. Designed to save time for reviewers and cut costs for banks, GAAR Viewer presents an on-screen view of the appraisal report with any rule firings and related fields on the appraisal report form highlighted in red. Reviewers, underwriters, QA professionals--any users of GAAR Viewer--can hover their cursor over the highlights to reveal the rule reference number and description of the potential violation. “The result of using GAAR Viewer is a more accurate appraisal review and ultimately a more reliable appraisal report. For lenders, that means greater confidence in the property valuation on which their loans are supported,” said Karen Mogridge, FNC’s product manager for collateral data and analytics. FNC’s GAAR is a first-level, total collateral review system that can enable users to review all appraisals pre-closing to help ensure well-documented valuations. “Where QC once stopped at minimal compliance guidelines, reviewers can now use this state-of-the-art technology to automate a much deeper review faster than ever before,” said Kathy Coon, FNC’s chief appraiser. “GAAR is critical because its risk rules allow QC to go far beyond the minimal compliance and risk guidelines of years past.” For more information, visit www.fncinc.com.
Published
Feb 17, 2010
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