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The Company we Keep

FNC solves problems, speeds origination, and cuts turn-times, costs, and inefficiency for the nation’s largest lenders and vendor management companies.

Our clients reap the benefits of FNC’s technology. We’re glad we could help.

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   JVI is a nationwide appraisal company specializing in non-performing assets. JVI’s services include bpoPLUS™ (BPO with Administrative Review), 2055 drive-bys, and REO 1004 appraisals. JVI, as an original Management & Marketing contractor for HUD with more than seven years experience in the REO industry, has contributed to the marketing of more than 300,000 properties for public and private clients. JVI’s products add value with easy appraisal ordering and immediate ramp-up. That’s why JVI is the intelligent choice for managing your non-performing assets.
   
   The FNC Solution
   JVI signed a contract to implement the FNC CMS in the fall of 2000 and started using the system in January 2001. With CMS, JVI found the capacity to take on four additional HUD regions, increasing per-month transaction volume. The CMS delivered superior tracking, intuitive ordering, and case-oriented communication with appraisers. Productivity increased along with JVI’s ability to handle a greater quantity of appraisals. FNC’s system for JVI is an integrated online appraisal ordering and retrieval platform that eliminates paper processing by moving appraisal processing online. The CMS enables JVI to communicate electronically with its network of more than 600 appraisers and brokers. Through CMS, JVI can order and assign appraisals online, track appraisal orders, and receive completed reports from its appraiser and broker network.
   
   Bottom Line
   Through the efficiencies realized via CMS, JVI has consolidated to one corporate office for the tracking and reviewing of all appraisals. Turn-time efficiencies have given JVI more time to review appraisals, resulting in better quality reports with a focus on high-level customer service.

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    Washington Mutual (WaMu) implemented the FNC Collateral Management System™ in 2001, while in the early stages of its aggressive acquisitions campaign to become the leading mortgage lender in the U.S. market, having absorbed American Savings, Home Savings, Great Western Savings and Long Beach Mortgage. Soon to follow were the acquisitions of Bank United, PNC Mortgage, Fleet Mortgage, Dime/North American Mortgage and HomeSide.
    
    By the end of 2001, WaMu’s residential loans totaled $91.8 billion, representing 69 percent of the totals loans held in the WaMu portfolio. Faced with these numbers, WaMu needed to speed capacity, reduce costs and improve IT infrastructure for communication in order to manage its growth. WaMu aimed to reduce loan closing cycles to no more than three to five days, a remarkable feat considering that closings have historically taken three to four weeks.
    
    Several inefficiencies existed their conventional loan production processes. WaMu staff spent a lot of time phoning, faxing, overnight mailing. They faced historically high loan volumes during a period when the holding company rapidly absorbed new banks. WaMu set lofty goals -- becoming more efficient with the same or fewer staff during escalating volume while introducing new systems to help them fold in the lending operations of the acquired institutions.
    
    The FNC Solution
    In a matter of months, FNC’s CMS helped WaMu streamline its loan origination process, providing an integrated online appraisal ordering and retrieval platform that enabled it to order and assign appraisals online, track those appraisal orders, and receive completed appraisals from thousands of its staff and fee appraisers across the country. The Bottom Line
    As a result of the CMS implementation, WaMu moved from a distributed appraisal management organization of approximately 40 appraisal centers spread over six regions to four Appraisal Resource Centers, one for each of four regions. Many staff work from virtual offices.
    
    FNC’s CMS helped WaMu achieve:
    · Reduced head count
    · Increased overall capacity of operations
    · Reduced loan production costs
    · Real estate, furnishings, and equipment savings
    · Faster appraisal turn-times
    

 

For more information on FNC, contact:
Charles Hurst
National Sales Director
Phone: 888/649-2966
Email: sales@lists.fncinc.com