FNC Releases Automated Appraisal Tool

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. FNC can be found online at http://www.fncinc.com.