Venali IP Fax Delivers Versatility through
Integration
the company
FNC, Inc. provides collateral information infrastructure to the
U.S. real estate loan sector, speeding loan decisions by converting
paper to data to knowledge. With a solid reputation serving many
of the nation's largest lenders, FNC’s technology solutions,
data management and analytics services, and overall industry expertise
are advancing the industry by achieving a more efficient loan origination
process for all.
Typically, two numbers secure a loan: a credit score on the borrower
and a collateral number on the property. FNC has tied its vision
to the collateral assessment, automating and streamlining the collateral
service ful€llment process, allowing for real-time collaboration
and simultaneous processing, while at the same time minimizing the
margin for error within the process – all of which correspond
to reduced costs, increased productivity, and faster, more informed
decision making.
FNC’s flagship product is its Collateral Management System™.
The CMS allows lenders to automatically order, track and receive
completed services from vendors such as appraisers, title certification
providers, and mortgage insurance providers. The CMS is customized
with each installation to incorporate each customer’s specific
business rules, enabling communication and data exchange that are
integrated with legacy systems and preferred vendors.
Beyond the CMS pipeline for streamlined lender-to-vendor communication,
FNC extracts value from each transaction by capturing mortgage data
and applying that data to a range of analytic applications. FNC’s
data operations in Carlsbad, Calif., employ Optical Character Recognition
(OCR) technologies to digitize data pulled from paper documents,
allowing institutions to eliminate paper storage. Lenders’
transaction data can be combined with or compared to property data
FNC maintains as part of the AI Residential Database, a national
database of real estate property information.
Historically, the company’s target markets have included real
estate lending institutions, government agencies, vendor-management
firms, mortgage servicing companies, insurance companies and service
providers, including appraisal, flood, title, inspection and environmental
engineering companies.
Located in Oxford, Mississippi, FNC also has two data operations
offices in California.
the challenge
The services offered through FNC’s Collateral Service Portals
(CSPs) enable CMS clients to request appraisal, title, flood, environmental
engineering, and home inspection services. Service orders are automatically
requested through the CMS, based on each client’s pre-determined
business rules. FNC has dedicated specific portals to each category
of service provided.
The Venali Internet Fax
solution was completely integrated within 2 weeks, providing
immediate and recognizable benefits to the company's operating
cost efficiency and workflow cycle.
For FNC, the implementation
of an Internet fax solution was crucial in order to provide
those clients who requested fax functionality with efficient,
cost-effective document distribution and delivery. Previously,
documents were sent by postal mail, which took at least one
day for delivery and cost approximately $10 per mailing. FNC
needed a solution that would integrate seamlessly with its collateral
information infrastructure offerings, and both speed production
time and reduce administrative costs while imparting flexibility
and efficiency.
the venali solution
Traditional fax-based communication between certain lending institutions
and the companies that supply the proper assessment of real estate
collateral was necessary for FNC to fully customize a solution that
met the client’s specific requests while still completing the
loan process timely, effectively and with optimal efficiency. Venali
offers an IP (Internet Protocol) desktop fax messaging solution
that is cost-effective, easy to implement, and scalable for a growing
user base.
With the integration of Venali Internet Fax into FNC’s CMS-CSP
infrastructure, FNC was able to fulfill a key request; that is,
automating the required redundancy of fax alerts being sent to both
loan processors and service providers, all from within the workflow
chain. This allowed FNC clients to complete the loan process and
respond to customer requests faster — allowing for quicker
mortgage turnaround-time and increased applicant retention. As a
result, CMS users cut their processing time for mortgages more than
50%, from 21 days to 10, facilitating substantial cost savings.
Profile
Industry:
Mortgage and Loan Technology
Needs:
Software-integrated Internet Fax Desktop Solution
