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Wholesaler Avoids Fraud w/Appraisal Technology

FNC, Inc. and ION Capital Work to Energize Mortgage Lending
Tuesday -- Technology driving streamlined efficiency at young Ohio-based mortgage company

OXFORD, Miss. -- (July 25, 2006) FNC, Inc. manages real estate collateral information for the nation's largest mortgage lenders and now - with the addition of forward-looking ION Capital, Inc. -- for the nation's next large lender.

ION Capital, headquartered in Dublin, Ohio, is a wholesale Alt-A mortgage company founded in 2005 by John D. Koch and Louis J. Torchio, two respected banking industry veterans. ION aims to energize wholesale lending with a more streamlined, technology-based approach, using FNC to help them succeed.

FNC automates ION's appraisal review process with its Generally Accepted Appraisal Rules(TM), or GAAR(TM), which reviews appraisals quicker and in more detail than a human reviewer ever could. ION accesses the rules through www.GAARPort.com.

"The GAARPort process provides ION with outstanding efficiencies, as it facilitates thorough and comprehensive reviews of all appraisals received at ION," said Koch, ION's chairman and CEO. "Appraisals are digitalized and several thousand rules are run against each one, creating detailed reports of any exceptions or risk concerns. In addition, GAAR automatically provides a score on each appraisal, which minimizes the appraisal review phase and improves turn time for our brokers."

FNC developed GAAR with the input of chief appraisers and quality control experts from major lenders. The rules automatically check appraisals for regulatory compliance, identify risk, validate value, and flag potential cases of fraud. Kathy Coon, FNC's chief appraiser, helped develop GAAR and said lenders can save on both staffing costs and potential losses using the tool.

"The best safeguard against mortgage fraud -- whether it's a flipping scheme, identity theft or simply inflated values -- is a thorough review of the appraisal data itself," Coon said. "GAAR doesn't allow red flags to fall through the cracks of a manual appraisal review process. For an innovative, modern lender like ION Capital, GAAR is a perfect fit."

ION co-founder Torchio said GAAR is one more way ION Capital provides state-of-the-art technology to its customers.

"The GAARPort system has enabled ION with the ability to provide superior service and construct an appraisal review process that is extremely well received by our clients," Torchio said.


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