OXFORD, Miss. – FNC Inc. announced this morning it was granted a U.S. patent on its Appraisal Score, which allows credit unions and banks to discern compliance, risk, and fraud issues in residential property appraisals and address the problems prior to funding or purchasing a loan.

The business-method patent, which covers the algorithm that generates FNC's Appraisal Score, also covers any score based on rules applied to appraisal data.

Appraisal Score is based on a set of Generally Accepted Appraisal Rules, known as GAAR, developed by FNC to automatically catch compliance and risk errors that violate federal regulations that enforce professional appraisal practices.

Appraisal Score can also help users identify issues that indicate additional risk or potential fraud in the appraisal. If the system reveals many violations, the appraisal report will receive a low Appraisal Score and be automatically routed for further scrutiny by a staff reviewer of loan applications or underwriter.


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