In the past month, FNC Inc.’s corporate leaders have traveled coast-to-coast to assure their clients, many of the nation’s major mortgage lenders and servicers, that they need not worry about news of pending regulation changes.
Rumors of new lending regulations have been prolific lately among financial news sources. Most recent are a HUD announcement requiring documented appraiser independence on all FHA-insured mortgages and Fannie Mae’s announcements requiring lenders to submit all loan appraisal information as electronic data. The two regulations could take effect as early as January and March, respectively.
FNC executives said their clients are already equipped for the transition.
“These pending requirements would really be non-issues for our clients,” said FNC CEO Bill Rayburn. “Their systems are already transferring information as data and have been designed to do so for 10 years. Likewise, their systems already help ensure compliance with existing regulations. We just wanted to let them know face to face that with FNC, they’re covered.”