Real estate property valuations are repeatedly called the cornerstone of the mortgage transaction and more so in a volatile marketplace where the REO inventory keeps growing and home prices are volatile at best.
So it only makes sense for mortgage technology providers Mortgage Technology Company FNC, Inc. of Oxford, Miss., and Integrated Asset Services to join forces in providing the industry with better and improved valuation tools.
FNC's chief strategy officer Mike Mitchell says the mortgage industry is looking forward to acquiring cutting edge solutions, and IAS's next-generation BPO and appraisal technology is one such option that offers "better collateral transparency and more accurate decisions."
Thanks to the partnership users of the FNC Collateral Management System platform have the option to use tools that ensure more precise real estate valuations by accessing the IAS technology to order Broker Price Opinions or appraisals -that are now integrated with the FNC collateral risk management solution.
IAS combines hard data with both comparative analytics to increase the granularity of property value estimates. It brings together information about neighborhoods to be able to come up with input about real estate values at the neighborhood level. For example, if trend values are declining, the system recommends to sell a property "as-is" and at a lower price. If trend values are going up, it suggests repairs and a wait for a better deal approach.
The integration of the FNC and the IAS platforms enhances their joint product efficiency.
FNC developed its real estate collateral information technology to include automated appraisal ordering, tracking, documentation and review for lender compliance with OCC, OTS, Federal Reserve, FDIC, and other regulations, in addition to collateral-focused data and analytics. Meanwhile, Integrated Asset Services, which initially entered the marketplace as an REO management services provider, also offers collateral valuation and management services.
The goal of the partnership is to develop "new levels of clarity, accountability, and transparency to the valuation process," says IAS president Ryan Tomazin, which will benefit mutual clients.
