OXFORD — FNC Inc.’s Appraisal Score has received a U.S. patent (U.S. Pat. No. 8,244,563), making it the first patented appraisal review tool, according to the technology company.
“Critics of the American appraisal process say the process is broken and they’re looking to new government regulations to fix the problem. But we’ve already developed the solution — the adoption of our Appraisal Score and other technology can reform the process,” said FNC co-founder and executive vice president for data and analytics Bob Dorsey, one of the Score’s inventors.
The Appraisal Score patent has been pending since FNC began to sell the product five years ago. This business-method patent, which covers the algorithm that generates FNC’s Appraisal Score, also covers any score based on rules applied to appraisal data.