Officials of mortgage technology company FNC, Inc. are touting the company’s platforms as a solution to help mortgage lenders comply with new Fannie Mae/Freddie Mac rules spelling out how home appraisals can be conducted. FNC CEO Bill Rayburn said the company’s Collateral Management System for enterprise lenders and its Collateral Headquarters platform designed for regional and community banks can provide the compliance management tools needed when the new rules take effect Jan. 1. Last week, New York Attorney General Andrew Cuomo announced an agreement with Fannie Mae, Freddie Mac, and the Office of Federal Housing Enterprise Oversight to establish a Home Valuation Protection Program. The program demands significant changes to the real estate appraisal process for residential mortgage transactions and includes a Code of Conduct that mandates appraiser independence, appraisal compliance to regulatory standards, and market trend tracking. “Documentation of the entire loan process is critical, as is evidence of appraiser independence, compliance to USPAP standards, and indications of appraisal or appraiser violations,” Rayburn said. “We provide clients with solutions for all of these issues.” The FNC platforms feature auto-assignment-functionality that ensures appraiser independence, Rayburn said; the system automatically assigns orders randomly, yet equally, to appraisers on the lender’s approved vendor list. The company also offers tools to ensure USPAP compliance by scanning appraisals and flagging any suspected violations. “Months ago, we established this functionality as a stand-alone Web service, allowing lenders to call a Web page, load the appraisal, and know if the appraisal is compliant or not,” Rayburn said. For more information, visit http://www.fncinc.com.

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