In an effort to make appraisal review more efficient, ""FNC, Inc."":http://www.fncinc.com/, a mortgage technology company headquartered in[IMAGE]
Oxford, Mississippi, recently released the GARR Viewer, which works hand-in-hand with one of its flagship products--the Generally Accepted Appraisal Rules (GAAR) software.
GAAR Viewer scours appraisal reports for any regulatory compliance violations, as well as inconsistencies and excessive adjustments, which can be possible indicators of[COLUMN_BREAK]
unsupported values and/or fraud. The Web-based workflow software is designed to save time for reviewers and cut costs for banks.
""This thorough, automated review tool serves as an assistant to the underwriter or reviewer, providing instant results of potential issues,"" said Gwen Magrisso, GAAR project manager.
An on-screen view of the appraisal report is presented through GAAR Viewer, and any rule firings and related fields on the report are highlighted in red. Reviewers, underwriters, quality assurance professionals, and other users of the software can hold their cursor over these highlighted areas to reveal the rule reference number and description of the potential violation. Users then have the opportunity to decide next steps, which may include returning the appraisal report to the appraiser for correction.
""The result of using GAAR Viewer is a more accurate appraisal review and ultimately a more reliable appraisal report,"" said Karen Mogridge, FNC's product manager for collateral data and analytics. ""For lenders, that means greater confidence in the property valuation on which their loans are supported.""