Important announcement regarding FNC’s Appraisal Score solution
September 17, 2012
Dear Valued Clients,
We at FNC are excited to announce that our Appraisal Score™ analytic solution has received a U.S. patent (U.S. Pat. No. 8,244,563), making it the nation’s first patented appraisal review tool.
America’s major loan originators, servicers, credit unions, appraisal management companies, and investors who use FNC’s Collateral Management System® (CMS®) rely on Appraisal Score to discern compliance, risk, and fraud issues in residential property appraisals and address the problems prior to funding or purchasing a loan. As our clients know, Appraisal Score is based on a set of Generally Accepted Appraisal Rules™ (GAAR®) developed by FNC to automatically catch compliance errors and help users identify issues that indicate additional risk or potential fraud in the appraisal.
The patent procedure has taken five years (a time period that’s not unusual, given the lengthy application process), and those of you already using Appraisal Score realize its ability to cut costs and boost efficiency. But this patent adds an extra measure of validation and credibility to our work, and we think that’s fantastic.
We’re pleased to see the Appraisal Score patent come to fruition, and we’re proud of the people, our developers and our legal team, who made it happen. A special “thank you” goes to FNC’s Chief Appraiser, Kathy Coon; and Gwen Magrisso, GAAR Manager.
CEO, FNC Inc.
EVP for Data & Analytics, FNC Inc.