PICKERING, ON, June 29, 2017—FNF Canada and the Municipal Property Assessment Corporation (MPAC) announced a new and innovative collateral decision-making product, designed to aid lenders in identifying collateral risk by scoring the conformity of a property within its neighbourhood. The Conformity Report is the newest addition to FNF Canada’s suite of collateral products, providing lenders with intelligence to help them identify the right collateral product, saving lenders time and money while staying in compliance with regulators.
“MPAC and FNF Canada’s collaboration on this new and innovative product showcases our commitment to setting a new standard in the appraisal management industry,” said Brian Bell, Senior Vice President of Innovation & Data Solutions at FNF Canada. “The new Conformity Report helps our lending partners make informed decisions when selecting the most efficient form of collateral valuation – AVM, desktop, drive-by or full appraisal – at the onset of the lending process for residential properties, as well as to complement the appraisal review process.
Leveraging MPAC’s robust database and valuation expertise, the Conformity Report informs users of how a specific property conforms within its neighbourhood, based on the most influential property characteristics, and relative to the neighbourhood. Conformity scores are produced for each of the major value-influencing factors, as well as an overall score. This insight assists lenders with intelligence to support mortgage origination, renewal, secured lines of credit, along with other credit and risk processes.
“MPAC is excited for the launch of this new product to the lending community,” said Chris Fusco, MPAC’s Director of Real Estate and Strategic Accounts, Business Development. “Instantly understanding how a property aligns to the marketplace assists lenders in considering the most efficient method of valuation used to validate collateral, dependent on risk. Knowing if a property of interest is consistent within the surrounding neighbourhood will bring a great deal of efficiency to front-end valuation method decision making and assist in back-end appraisal review.”
MPAC and FNF Canada continue to create innovative products for industry stakeholders, supporting risk mitigation, informed underwriting decisions, and gaining overall efficiency from beginning to end of the collateral valuation cycle.
About FNF Canada
With over 25 years of trusted service, FNF Canada is an innovative provider of national mortgage, appraisal and loan related services to large and small Canadian lenders. We specialize in facilitating all aspects of a mortgage transaction, including title insurance, document processing, property tax management, appraisal management and valuations services. Our exclusive end to end solution suite is unmatched in the industry, seamlessly integrating all FNF services on a single platform which provides our customers with the complete transaction life cycle.
For more information about FNF Canada, visit www.fnf.ca
About MPAC
The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation, responsible for assessing and classifying more than five million properties in Ontario in compliance with the Assessment Act established by the Government of Ontario.
MPAC also provides products and services such as propertyline™, a secure e-commerce solution for property information, to a number of sectors including banks, mortgage firms and other assessment jurisdictions.
Contacts
FNF Canada
Media
Craig Goom, 289-562-0088, ext. 24184
Director, Marketing and Communications
cgoom@fnf.ca
Business Development
Brian Bell
Senior Vice President, Innovation & Data Solutions
bbell@fnf.ca
Municipal Property Assessment Corporation
Media
Cathy Ranieri Sweenie
Director, Public Affairs
cathy.ranieri-sweenie@mpac.ca
Business Development
1-877-671-6722
propertyline@mpac.ca