Mortgage Lenders Find Compliance Easy with FNC System

Compliance continues to become a burgeoning concern for mortgage lenders as they face early 2010 regulations and guidelines from FHA, Fannie Mae, and other governing entities.

For solutions, more and more mortgage lenders are turning to technology, specifically Collateral Headquarters(TM) (CHQ), a compliance and workflow platform developed by FNC for regional banks, credit unions, and appraisal management companies.

"We've seen such an increase in demand in the last six months that we've had to hire additional staff to keep up," said Kagan Coughlin, CHQ product manager at FNC. "It's a really good problem to have."

Released in early 2008, CollateralHQ was a maturing product line until early 2009 when, according to Coughlin, "it really took off." He attributes the widespread increase in sales to current and pending regulations that have required mortgage lenders to concentrate on compliance more than ever.

"We chose FNC and Collateral Headquarters for HVCC compliance," said Mark Seccombe, SRA, MAI, chief appraiser at Universal Lending Corporation. "To continue working in the mortgage industry, we needed to make sure we complied with all the regulations, and Collateral Headquarters provided that assurance for us."

The system, which can be up and running in less than a week, also provides automated appraisal ordering, assignment, tracking, and review--all in a single, centralized platform.

Since CHQ was released in February 2008, users have improved turn times, cut costs, and ensured regulatory compliance. Additionally, users are able to track productivity rates of employees and vendors along with evaluating the quality and speed of everyone involved in the loan process.

"We chose FNC and Collateral Headquarters because no one has a better system," said Todd Baur, president and CEO of Boston National Title. "The backbone of the system is state-of-the-art and truly cost-effective."

Baur, who was already a fan of FNC's Collateral Management System(R)--a similar platform in use for the past 10 years by enterprise lenders--says he chose CHQ because of FNC's track record with the nation's largest lenders.

"When I first joined Boston National, we immediately needed a solution," Baur said. "Past performance is directly related to future performance and my experience with FNC made our decision an easy one."

With CHQ, FNC provides immediacy--a compliance solution in less than a week.

"We perform appraisals mainly for mortgage servicers for REO and loss mitigation purposes," says Brad Hoelting, Vice President of Valuations with PMH. "CHQ has enabled us to create a nationwide appraisal management solution practically overnight, while allowing us to find the best appraisers in any market."

About FNC, Inc.

FNC pioneered real estate collateral information technology. Since 1999, FNC has offered solutions that automate appraisal ordering, tracking, documentation and review for lender compliance with OCC, OTS, Federal Reserve, FDIC, and other regulations. FNC's lender clients have realized reduced costs and more efficient loan processing. With its collateral management platforms and collateral-focused data and analytics, FNC provides advanced insight into the property backing a loan from origination to capital markets. No one understands real estate collateral better than FNC. Visit FNC online at www.fncinc.com.

To interview CHQ Product Manager Kagan Coughlin or any of FNC's
mortgage industry experts, contact:
Bill Dabney, manager of public relations
FNC, Inc.
Phone 662-236-8304
bdabney@fncinc.com

SOURCE: FNC, Inc.

FNC, Inc. 
Bill Dabney, manager of public relations, 662-236-8304 
bdabney@fncinc.com

Related terms: art, ceo, FDIC, information technology, market, mortgage, online, president, productivity, public relations, rates, real estate, regulations, sales, technology, track, workflow