Lenders to Access Factual Data Corp. Via FNC?s Collateral Management System
August 1, 2002
Oxford, Miss. - FNC, Inc., the collateral information infrastructure company for lenders, and Factual Data Corp. (NASDAQ: FDCC) today announced that FNC?s lender clients will have electronic access to Factual Data?s credit, flood and AVM products through FNC?s collateral management pipeline.
The newly formed FNC-Factual Data alliance will give FNC?s large lender clients direct access to Factual Data Corp.?s merged credit reports including their FOUR Hours or It?s FREE online customer service verifications, flood certificates and automated property valuations through a link within FNC?s Collateral Management System (CMS). Through the link, lenders using the CMS may integrate credit, flood and AVM information requested from Factual Data into their customized processing platforms and resulting reports. Lenders using the system will save time and cost during mortgage origination through integrated data exchange.
FNC?s CMS is an internal, rules-based decisioning platform that automates communication between lenders and their collateral service providers, heightening quality control and speeding service ordering and fulfillment. Today?s announcement adds Factual Data Corp. to network of more than 40 collateral service providers linked to FNC?s platform. The network includes appraisal management firms, title and flood providers, credit providers, mortgage insurance firms, fraud detection services, AVM providers and inspection and home warranty servicers.
"Linking our products through FNC?s CMS will allow lenders to automate the ordering of our products and to request information that, when returned, will flow straight into their back-office processing platforms," said Dave Vinson, Factual Data?s chief sales officer. "Through this technology, lenders will gain streamlined access to information that improves their service to the borrower."
"As part of our growing network of partners, Factual Data Corp. is enabling mortgage lenders to effect faster collateral procurement," said Bill Rayburn, FNC CEO. "At the same time, integrated collateral procurement means lenders have the tools and data they need to better monitor risk and make sound decisions. We?re pleased to have Factual Data join with us to provide these solutions."