Just Valuation and FNC Team Up to Offer REO Services
FNC Inc. here has formed a strategic alliance with Just Valuation Inc., Altamonte Springs, Fla., that will make JVI's residential appraisal and inspection services available through FNC's CMS collateral information management system.
FNC's CMS is a decision system that makes mortgage origination more efficient and JVI's staff more productive through automated service procurement. JVI itself uses the CMS to manage appraisal and inspection orders, tracking and delivery among its nationwide network of vendors. Under the strategic alliance, other FNC CMS clients will be able to use their systems to order services from JVI.
Ron Nation, president and CEO of JVI, said, in a press release about the strategic alliance, his firm has already reaped internal benefits from using CMS.
"It's a natural extension of our business to be part of the CMS vendor network, too, so that lenders nationwide can tap into the REO appraisal and inspection services we offer," he said.
Mac Chiles, director of strategic accounts for FNC, said that CMS allows companies such as JVI to bring vendor processes online, resulting in cost savings on processing and higher productivity. JVI has five years experience as a management and marketing contractor for the Department of Housing and Urban Development's REP inventory for Florida, Puerto Rico, the U.S. Virgin Islands as well as HUD REO appraisal oversight for 24 additional sates.
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