FNC Partners With BuildFax to Increase Efficiency in Verifying Appraisals
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.