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FNC Helps Lenders Identify Loans Affected by Disaster.
New York -- In times of widespread destruction, such as the California wildfires and 2005s Hurricane Katrina, property values can plummet quickly. Specific information regarding the property backing a home loan becomes crucial to mortgage lenders. This is why many major mortgage lenders are seeking technology to pinpoint customers who may have been impacted and identify properties after a natural disaster.
As a means of helping lenders mitigate risk, FNC Inc., an Oxford, Miss.-based provider of real estate collateral information technology, offers multiple systems to quickly identify properties potentially impacted by natural disasters.
Any time there is a disaster, our clients can use their Collateral Management System and the data we provide to identify their properties that might have been affected, said Jon Fisher, director, Client Services Group, for FNC.
FNC and its systems bundle loan information and give the data to the lenders in a format that simplifies the process of identifying potentially impacted properties. Having the loan number of a damaged or destroyed property, the property address and current status of the loan, either open or closed, helps lenders quickly determine a course of action.
It gives them a snapshot of their loan portfolio by zip code, so they can quickly identify their properties that might have been affected and understand the true values of those properties post-disaster, Mr. ...
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Source: HighBeam Research, FNC Helps Lenders Identify Loans Affected by Disaster.