Because
Venali Integrates fax with our IT systems it delivers powerful
productivity benefits. Many employees need frequent access
to our faxes. Rather than taking many minutes to access
this information in paper files - now they get what they
need with a few clicks right from their desktop.
Venali IP Fax Delivers Versatility through Integration
The Company
FNC, Inc. provides collateral information infrastructure
to the U.S. real estate loan sector, speeding loan decisions
by converting paper to data to knowledge. With a solid reputation
serving many of the nation's largest lenders, FNC’s
technology solutions, data management and analytics services,
and overall industry expertise are advancing the industry
by achieving a more efficient loan origination process for
all.
Typically, two numbers secure a loan: a credit score on the
borrower and a collateral number on the property. FNC has
tied its vision to the collateral assessment, automating
and streamlining the collateral service ful€llment process,
allowing for real-time collaboration and simultaneous processing,
while at the same time minimizing the margin for error within
the process – all of which correspond to reduced costs,
increased productivity, and faster, more informed decision
making.
FNC’s flagship product is its Collateral Management
System™. The CMS allows lenders to automatically order,
track and receive completed services from vendors such as
appraisers, title certification providers, and mortgage insurance
providers. The CMS is customized with each installation to
incorporate each customer’s specific business rules,
enabling communication and data exchange that are integrated
with legacy systems and preferred vendors.
Beyond the CMS pipeline for streamlined lender-to-vendor
communication, FNC extracts value from each transaction by
capturing mortgage data and applying that data to a range
of analytic applications. FNC’s data operations in
Carlsbad, Calif., employ Optical Character Recognition (OCR)
technologies to digitize data pulled from paper documents,
allowing institutions to eliminate paper storage. Lenders’ transaction
data can be combined with or compared to property data FNC
maintains as part of the AI Residential Database, a national
database of real estate property information.
Historically, the company’s target markets have included
real estate lending institutions, government agencies, vendor-management
firms, mortgage servicing companies, insurance companies
and service providers, including appraisal, flood, title,
inspection and environmental engineering companies.
Located in Oxford, Mississippi, FNC also has two data operations
offices in California.
The Challenge
The services offered through FNC’s Collateral Service
Portals (CSPs) enable CMS clients to request appraisal, title,
flood, environmental engineering, and home inspection services.
Service orders are automatically requested through the CMS,
based on each client’s pre-determined business rules.
FNC has dedicated specific portals to each category of service
provided.
For FNC, the implementation of an Internet fax solution was
crucial in order to provide those clients who requested fax
functionality with efficient, cost-effective document distribution
and delivery. Previously, documents were sent by postal mail,
which took at least one day for delivery and cost approximately
$10 per mailing. FNC needed a solution that would integrate
seamlessly with its collateral information infrastructure
offerings, and both speed production time and reduce administrative
costs while imparting flexibility and efficiency.
The Venali Solution
Traditional fax-based communication between certain lending
institutions and the companies that supply the proper assessment
of real estate collateral was necessary for FNC to fully
customize a solution that met the client’s specific
requests while still completing the loan process timely,
effectively and with optimal efficiency. Venali offers an
IP (Internet Protocol) desktop fax messaging solution that
is cost-effective, easy to implement, and scalable for a
growing user base.
With the integration of Venali Internet Fax into FNC’s
CMS-CSP infrastructure, FNC was able to fulfill a key request;
that is, automating the required redundancy of fax alerts
being sent to both loan processors and service providers,
all from within the workflow chain. This allowed FNC clients
to complete the loan process and respond to customer requests
faster — allowing for quicker mortgage turnaround-time
and increased applicant retention. As a result, CMS users
cut their processing time for mortgages more than 50%, from
21 days to 10, facilitating substantial cost savings.
Benefits
Zero capital cost,
installation expenses and operating overhead
No changes
to existing IT infrastructure required
A single global
IP-based fax solution is easy to deploy and implement
for multiple locations and platforms, company-wide
Infinitely scalable fax capacity without any additional
hardware, software, or maintenance
Company confidentiality
is enhanced with secure delivery, ensuring that only
intended recipients receive and
view message content
A
selection of local or toll-free in-bound fax number
area codes are available in major metropolitan
areas
Venali Network Operations Center (NOC) is staffed
24/7 to ensure continual uptime and successful transmission
of documents
Venali Account Management Center provides
real-time fax reporting and account administration
online
Profile
Industry: Mortgage and Loan Technology
Needs: Software-integrated Internet Fax Desktop Solution
