According to Broker Universe: Oxford, Miss.-based FNC Inc. has announced the release of Collateral Headquarters as a desktop tool to enable regional and community lenders and appraisal management companies to automate appraisal ordering, assignment, tracking, and review from a single centralized platform.
The system captures best practices in a user-configurable out-of-the-box solution that offers to cut turn times, lower costs, address regulatory compliance, and track performance. Collateral Headquarters also gives lenders an administrative dashboard.
Users can assign appraisals automatically to their pre-approved list of vendors; manage jobs by vendor, status, or due date; use a time-and-date stamped record that tracks the progress of each loan in production; and immediately verify completed orders.
An FNC spokesman said inquiries about the new service have largely come from mortgage industry players eager to head off regulatory scrutiny along the lines of the New York lawsuit alleging that First American's eAppraiseIT unit inflated appraisals on behalf of Washington Mutual.
Click here to see how it works . . .
According to the FNC web site: Collateral Headquarters provides a platform for your lending institution to automate and streamline appraisal ordering, processing, communication, review, reporting, and archiving.
Here’s how:
- No searching for appraisers—Upload your own pre-approved appraiser list to the Collateral Headquarters platform or search our database for connected appraisers by area. A few clicks and you’re done.
- Automatic appraisal ordering—Once your list is active, Collateral Headquarters can assign orders automatically through round-robin vendor selection or your pre-selected rankings.
- Organized work queue—Collateral Headquarters keeps all of your jobs on one platform, organized by status, due dates, or vendor.
- No more phone tag—Communicate with appraisers using Collateral Headquarters’ instant messaging 24 hours a day, seven days a week.
- No papers to shuffle—Appraisal reports arrive back to the platform as data files.
- Automated appraisal review—Improve your turn times with automated review that allow your people to concentrate on exceptions.
FNC can be found online at http://www.fncinc.com.
Article Source: Broker Universe
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