FNC-Veros Partnership Gives Lenders Time- and Cost-Saving Link to AVM Services

OXFORD, Miss., April 8 -- FNC, the collateral information infrastructure company for lenders, announced today a partnership with Veros Software to provide FNC's customers with a direct link to Veros' VeroVALUE automated valuation model software. Lenders using FNC's Collateral Management System(TM) (CMS) will be able to access Veros' software directly from within their own back-office platform, allowing them to deliver quicker loan decisions to consumers.

FNC's CMS is a communication pipeline that allows banks to automate much of the mortgage decisioning process by requesting and fulfilling collateral services automatically based on the bank's pre-determined business rules. By delivering process innovations that free bank personnel to focus on exception cases and quality control, and eliminating costly and time-consuming administrative tasks such as faxing and data entry, FNC's services have increased productivity and reduced collateral assessment times for its customers up to 75 percent.

``While many automated valuation models (AVMs) rely on limited data and basic valuation methods to generate property values, VeroVALUE leverages the strengths of multiple state-of-the-art predictive technologies to deliver high rates of return and superior accuracy,'' said Darius Bozorgi, president of Veros Software. ``This partnership allows FNC's customers to link directly to our proprietary software -- integrating their AVM request and fulfillment with the entire property assessment, while eliminating unnecessary steps and realizing significant cost savings in the process.''

``The CMS pipeline provides our customers with more than 30 collateral assessment vendors, so that they secure the best value service providers out there,'' said Bill Rayburn, chief executive officer of FNC. ``This partnership with Veros Software adds additional value to our pipeline by providing an accurate and effective AVM suite.''

FNC's Role in the Mortgage Process

When a bank evaluates a loan application, it examines both the consumer's credit history and the loan collateral or property's value. The credit approval process is automated and well established through the mortgage industry. However, the collateral approval process is fragmented by many touch points. FNC offers a network-to-network solution for lenders to conduct communication and data exchange with their service providers. Using CMS, FNC's customers, which include the nation's largest mortgage lenders, are able to establish real-time collaboration on both the bank and vendor sides of each collateral transaction, eliminating paper as well as costly and time-consuming human intervention.

About Veros Software

Veros Software Inc. (http://www.veros.com), located in Irvine, California, is a leading predictive technology company building decision-support software applications that allow customers to formulate accurate and informed business decisions that directly impact their bottom line.

About FNC

FNC Inc. (http://www.fncinc.com/), based in Oxford, Miss., is the collateral information infrastructure company that speeds loan decisions by converting paper to data to knowledge. FNC's software and services provide the communication, information and analysis that financial institutions need to streamline collateral processes, reduce costs and make more informed decisions throughout the life of the loan.