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HUD News - Read it and Weep

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Francois K. Gregoire

Thread Starter
Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hi All,

This little blurb just went out on the NAR Appraiser Listserve. See my comments and links which follow.

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HUD/VA/USDA Fraudulent Practices Solution Meeting

Earlier this month, NAR staff attended a Capitol Hill briefing on a Mortgage fraud prevention system called the Collateral Management & Fraud prevention System, currently utilized by several lending institutions. The briefing purpose was to convince the federal government (HUD/VA/USDA) of the merits of adopting the system. The system is intended to be a fully automated, integrated solution to help reduce losses due to flips, heighten quality control and increase operational capacity. The intended benefits to the federal government would be to improve the integrity of the insured loans, reduce loan default rates and improve the accountability of the appraisal review process.

Peter Morgan attended the meeting as part of the discussion centered around appraisal review and accountability and improving contractor oversight for appraisers. Follow up industry meetings are expected.

http://www.realtor.org/rodesign.nsf/pages/...tr?OpenDocument

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Peter Morgan sent the booklet with the Power Point slides from the presentation. The Company making the presentation appears to have been FNC, Inc. It looks to me like a company swinging in with some fancy ideas in hope of landing themselves a giant Federal Contract.

The last one HUD had was with Andersen Consulting (yes, that Andersen Consulting). It was in the neighborhood of $27,000,000. It resulted in sanctions against........drum roll.......626 appraisers!! You do the math.

Here's some links to the company and a story.....

FNC, Inc.

[url=http://www.inman.com/InmanStories.asp?ID=30784&CatType=R] RECENT INMAN STORY

My Favorite Company Buzzword Laden Tagline..........

Oxford, Miss.-based FNC is a collateral information infrastructure company that aims to speed loan decisions by converting paper to data to knowledge.

Do you read it the same way?
 

bradellis

Member
Joined
Jan 16, 2002
Frank,

FNC is the parent company that owns the AIRD (Appraisal Institute Residential Database) in a JV with the AI. I'm told they also own CMDC (the former Institute Market Data Center) and just bought Dataquick.

Looks like they are in direct competition with First American Real Estates Services (FARES) in FARES' Win2Data product and Realquest.

Can you say 800 pound gorillas?

Brad Ellis, IFA, RAA
 
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