FNC to Help BancorpSouth with Mortgage Appraisal Processes
Oxford, Miss., Oct. 21, 2008—BancorpSouth, one of the southeast region’s largest banks, will use FNC® technology to ensure regulatory compliance while streamlining its multi-channel appraisal process for their retail and home equity channels.
Mortgage technology company FNC, Inc., creator of Collateral Headquarters™ (CHQ)—a workflow solution designed specifically for regional and community mortgage lenders—signed the Tupelo, Miss.-based bank on Sept. 15.
With an eight-state footprint, BancorpSouth, Inc. (NYSE: BXS), is a bank holding company operating approximately 300 banking and mortgage locations throughout the Southeast. BancorpSouth provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust, and payment services products to consumers, businesses and institutions.
“Collateral Headquarters will allow BancorpSouth to centralize and streamline the ordering of valuation services. CHQ converts paper documents to data to allow them to run each appraisal through a rule set to make sure it complies with pertinent regulations,” explains Jeffrey Little, FNC sales executive. “Compliance is a big deal for lenders. Our systems help to eliminate regulatory risk.”
Built into CHQ, the GAAR® (Generally Accepted Appraisal Rules™) Compliance, Risk, and External Rule Series automatically reviews appraisals and instantly flags any violations that may be indicators of fraud or non-Compliance. CHQ and GAAR work in tandem to document the entire loan process, ensure appraiser independence and compliance to USPAP standards, and highlight indicators of appraisal or appraiser violations.
Additionally, Collateral Headquarters will automate many of the bank’s historically manual processes, including ordering appraisals and the subsequent tracking, receipt, analysis, and reporting processes related to those appraisals. FNC systems will allow the bank to process more appraisals, more accurately, saving time and money.
BancorpSouth Bank is pleased to announce the recent agreement with FNC to facilitate our residential appraisal needs,” said Chris Brigham, BancorpSouth’s chief appraiser. “FNC’s unprecedented experience and technology will continue to allow BancorpSouth to provide the level of service our customers have grown to know and expect from us. We look forward to this unique partnership between two Mississippi based companies.”
About FNC, Inc.
FNC pioneered real estate collateral information technology. Since 1999, FNC has offered solutions that automate appraisal ordering, tracking, documentation and review for lender compliance with OCC, OTS, Federal Reserve, FDIC, and other regulations. FNC’s lender clients have realized reduced costs and more efficient loan processing. With its collateral management platforms and collateral-focused data and analytics, FNC provides advanced insight into the property backing a loan from origination to capital markets. No one understands real estate collateral better than FNC. Visit FNC online at www.fncinc.com.
BancorpSouth is a $13.4 billion-asset bank holding company. The company operates approximately 300 banking and mortgage locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. In addition to providing traditional banking services, credit cards, mortgages, trust and fiduciary services, the company provides investment services through its subsidiary BancorpSouth Investment Services, Inc. and insurance services through its subsidiary BancorpSouth Insurance Services, Inc. BancorpSouth’s common stock is traded on the New York Stock Exchange under the trading symbol BXS.