OXFORD, Miss., March 15, 2012 (GLOBE NEWSWIRE) -- Mortgage technology company FNC, Inc., can now provide its clients access to historical building permit data as the result of a partnership with BuildFax®, announced Thursday.
"Amid a shifting real estate market and ever-changing regulations, FNC's collateral-focused data coupled with the building permit intelligence of BuildFax can provide needed solutions to help mortgage professionals make educated decisions on collateral value and increase confidence in overall loan quality," said BuildFax President Holly Tachovsky.
Many of the top U.S. lenders and servicers use FNC's Collateral Management System® (CMS®) platform and data and analytic products to help automate their processing and ensure that quality collateral data supports the production of new mortgages and the servicing of existing mortgages. BuildFax data can now be accessed by these major mortgage lenders and servicers to bolster their collateral underwriting and loan quality operations.
"Our analytics deliver comprehensive details about the residential collateral that backs the loans our clients originate and service. Thanks to our partnership with BuildFax, we can now offer our clients even more property information they can use to verify details about the residential property," said Mike Loscavio, FNC's director of strategic alliances. "By integrating with BuildFax, FNC is pleased to be able to provide greater value to our clients."
Lenders who use FNC's CMS for their appraisal workflow and compliance solution will be able to leverage BuildFax data to:
- Identify potential issues with collateral, such as open permits, saving time and money.
- Easily compare the appraisal with building permit records to corroborate and quantify the appraiser's observations on collateral condition, quality, features and improvements, boosting confidence to move forward with the transaction.
- Benefit from the enhanced local permit activity analysis provided by BuildFax, showing property improvement activities on comparables and the surrounding market.
About BuildFax (www.buildfax.com):
BuildFax®is the creator of the first and only automated source for national, historical building permit data. BuildFax®Reports provide permit-level details on property improvements, condition, valuation and open permits − insight not found in tax assessor data – critical in analyzing collateral risk. More than 400 lenders already utilize BuildFax®data in their loan approval process in accordance with existing GSE guidelines, which acknowledge and recommend permitting data as a trusted source for independent, third-party verification of property improvements and condition. The BuildFax®database continues to grow, currently covering over 72 million residential and commercial properties in the United States, with over 6 billion data points.
To interview Mike Loscavio or any of FNC's mortgage industry experts, contact:
Bill Dabney, manager of public relations
FNC, Inc.
Phone 662/236.8304
bdabney@fncinc.com
About FNC, Inc.
Since 1999, FNC has pioneered real estate information technology, automated appraisal ordering, tracking, documentation and review for lender and servicer compliance with government regulations. FNC's platforms are in production at seven of the 10 largest U.S. mortgage lenders and provide value to large and small lenders with reduced costs and more efficient loan processing. With collateral management platforms, data and analytics, FNC provides advanced insight into the property backing a loan from origination to capital markets. Visit FNC online at www.fncinc.com.
This information was brought to you by Cision http://www.cisionwire.com
http://www.cisionwire.com/fnc/r/fnc--partners-with-buildfax--to-deliver-building-permit-data-to-top-mortgage-lenders,c9231825
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