TCF National Bank, a South Dakota-based banking association, has selected FNC's solutions to streamline its operations and manage its loan portfolio.
Mortgage technology company FNC is the creator of the Collateral Management System (CMS), a compliance and workflow solution.
FNC claimed that its CMS solution will enable TCF to ensure continued compliance with regulatory guidelines and automate the appraisal review process for every originated loan.
Built into the CMS, the GAAR (Generally Accepted Appraisal Rules) Compliance and Risk Series automatically reviews appraisals and instantly flags any violations that may be indicators of risk. The CMS and GAAR work in tandem to document the entire loan process, ensure appraiser independence and compliance to USPAP standards, and highlight indicators of appraisal or appraiser violations.
Rob McPherson, senior manager at FNC, said: TCF’s emphasis on convenience in banking and placing the customer first has made it a nationally recognized leader in the financial services industry. We are proud to have the opportunity to partner with TCF and help streamline their lending processes.
Jim Koon, EVP of product development at TCF, said: We are very excited to add FNC’s CMS solution as one of our lending tools. We feel this product will help us streamline and standardize our lending processes.