Technology company FNC Inc., creator of the Collateral Management System (CMS) -- a workflow solution used by the nation's largest mortgage lenders -- signed Fannie Mae as a new client on March 17.

Fannie Mae began using the CMS on April 14 to streamline its foreclosure appraisal processes in two of its divisions: the National Property Disposition Center (NPDC) and the National Underwriting Center (NUC), both in Dallas.

Both the NPDC, which processes more than 10,000 appraisals per month, and the NUC, which processes about 1,000 appraisals per month, are concerned about mitigating risk associated with fraud, according to John Scott, FNC's director of alliance sales.

FNC's analytic product GAAR (Generally Accepted Appraisal Rules) is the solution, Scott said. Built into the CMS, the GAAR Risk Series automatically reviews appraisals and instantly flags any violations that may be indicators of fraud.

Additionally, the CMS will automate many of Fannie Mae's historically manual processes, including ordering appraisals and the subsequent tracking, receipt, analysis, and reporting processes related to those appraisals. FNC systems will allow Fannie Mae to process more appraisals, more accurately, saving the Enterprise both time and money. -- FNC Inc.