Friday, July 02, 2010
M&I Bank Selects FNC for Mortgage Appraisal Processing Solution
Recently, Marshall & Ilsley Bank (M&I Bank) announced that it would be using Oxford, Miss.-based FNC's solutions to electronically distribute and receive various components of M&I Bank’s mortgage business including title, appraisal, and flood orders. Best known for its Collateral Management System (CMS), FNC says its solution will also enable M&I Bank to increase productivity while utilizing its current resources, ensure continued compliance with regulatory guidelines, and automate the review of every loan in its portfolio.
“The FNC solution will further enable M&I Bank to increase operation efficiencies in our mortgage operations area, while continuing to provide our customers with the outstanding customer service they have come to expect,” said Julie Joseforsky, senior vice president, director of retail lending, M&I Bank.
Other firms that had previously offered valuation solutions are finding ways to offer fraud and non-compliance protection to lenders in the collateral valuation space. I expect to see more offerings, including some from companies that specialize in fraud detection and risk mitigation, in the days ahead.