OXFORD — Mortgage technology company FNC Inc. has signed a three-year contract with Elavon, a wholly owned subsidiary of US Bancorp and a global credit card processor. Terms were not disclosed.
The agreement allows FNC to add Elavon’s debit and credit processing services to its Collateral Management System (CMS), FNC’s flagship technology platform. The new functionality will help FNC clients comply with the Home Valuation Code of Conduct (HVCC), which took effect May 1 and established new appraisal guidelines on mortgage lenders who want to sell their loan portfolios to Fannie Mae and Freddie Mac.
According to the HVCC, mortgage brokers can no longer pay for or order appraisals directly. Instead, appraisals must be ordered and paid for by the financial institution that funds the mortgage loan. With Elavon’s card processing services available on the CMS dashboard, appraisal ordering becomes significantly more efficient.
“FNC has been committed to helping our clients comply with HVCC guidelines since they were first announced last year. This new functionality just further supports those efforts,” said Jon Fisher, director of strategic projects at FNC.
In a separate item, FNC has launched its new corporate website at www.fncinc.com.
Using three primary menu options, viewers can now navigate the site based on their specific industry, the solution they need or the exact FNC product needed to solve pain points. From the site, they can also explore pages by following the site’s breadcrumb design, find information instantly with the site-specific search feature and share FNC news via Facebook, Twitter, LinkedIn and Technorati accounts.
“FNC has always been a client-focused company, well-known in the industry for its stellar customer support,” Carol Luitjens, FNC’s chief marketing officer, said. “Our new corporate website is just another way for us to continue serving the needs of our clients and partners, and we look forward to hearing their feedback about its unique navigational design.”