Friday, July 02, 2010

M&I Bank Selects FNC for Mortgage Appraisal Processing Solution

Institutions are starting to get serious about how they handle their property valuation information. Part of that has to do with the new requirements handed down recently by Fannie Mae that are due to go into effect in September. Part of it can also be attributed to lenders being more interested in the value of assets that are coming into their portfolios as REO.

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.

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