Skip to main content

FNC Partners With BuildFax to Increase Efficiency in Verifying Appraisals

NationalMortgageProfessional.com
Mar 19, 2012

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," said BuildFax President Holly Tachovsky. Many of the top U.S. lenders and servicers use FNC's Collateral Management System (CMS) 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 major mortgage lenders and servicers to bolster their collateral underwriting and loan quality operations. "Our analytics deliver comprehensive details about the residential collateral that backs the loans our clients originate and service. Thanks to our partnership with BuildFax, we can now offer our clients even more property information they can use to verify details about the residential property," said Mike Loscavio, FNC's director of strategic alliances. "By integrating with BuildFax, FNC is pleased to be able to provide greater value to our clients." 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; and benefit from the enhanced local permit activity analysis provided by BuildFax, showing property improvement activities on comparables and the surrounding market.
Published
Mar 19, 2012
6 Federal Agencies Seek Comment On Proposed Rule For AVMs

The rule is intended to ensure the credibility and integrity of Automated Valuation Models.

FHA Proposes New Program To Help Struggling Homeowners

Legal expert questions whether agency has authority to implement the program.

Fitch Places Fannie, Freddie On Negative Ratings Watch

Ties credit rating to outcome of U.S. debt limit negotiations.

FHFA Director Strongly Defends New GSE Pricing Framework 

Tells House committee it’s “simply not true” that financially stronger borrowers are subsidizing others.

MBA CEO Criticizes Government Response To Economic Challenges

CEO Bob Broeksmit calls for sensible Regulation, clarity, and support for the mortgage industry.

Freddie Mac Updates Income Assessment Tool To Use Digital Pay Stubs

Says new capability helps lenders calculate borrower income more quickly and precisely.