FNC-i Mortgage Link Brings Faster Appraisal Delivery to Mortgage Lenders

April 8, 2002

OXFORD, Miss., /PRNewswire/ -- FNC, the collateral information infrastructure company, has formed a partnership with i Mortgage Services to provide FNC's customers with direct access to i Mortgage's appraisal management services. Lenders using FNC's Collateral Management System(TM) (CMS), a network-to-network solution for mortgage lenders to conduct communication and data exchange with their service providers, will be able to reach loan decisions faster and with reduced costs by accessing i Mortgage from their back-office software.

The FNC-i Mortgage partnership will allow FNC's CMS clients to request appraisal services and receive completed appraisal reports from iMS automatically via the bank's pre-determined business rules. Today's deal streamlines appraisal procurement for lenders, eliminating costly and time-consuming human intervention. The automated appraisal process allows bank personnel to focus on value-added activities such as quality control, rather than administrative duties such as faxing and data-entry. FNC's customers have increased productivity and reduced collateral assessment times up to 75 percent.

"i Mortgage Services is committed to providing its customers with services and technologies that allow them to increase loan production and reduce operating costs," said David Uffelman, National Account Manager, i Mortgage Services. "This commitment to customer and vendor success gives lenders appraisal management services they can count on for timely and accurate appraisals. Our partnership with FNC will allow i Mortgage to deliver our services much faster."

"FNC's CMS links lenders to more than 30 service providers," said Bill Rayburn, chief executive officer of FNC. "Our partnership with i Mortgage Services strengthens our system by providing our customers with immediate access to quality nationwide appraisal management. By automating lenders' access to and communication with vendors such as iMS, we're giving banks the tools they need to focus only on the exceptions throughout the mortgage process -- saving them time and money and increasing their productivity."

Source: FNC Inc.

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