What Is FICRAS ?

FICRAS = Financial Institution Complete Risk Aversion Solution

EASE OF FUNCTION and EASE OF COMPLIANCE! FICRAS is a user-friendly and efficient valuation management system that provides financial institutions a means of complying with the Interagency Appraisal and Evaluation Guidelines and bank specific policy & procedures. Use of this system and the compliance component will help the financial institution client reduce real estate lending risk and please bank examiners. The FICRAS system offers a way for banks to manage the "independence" requirement and still demonstrate quality control over the valuation product.

The Interagency Appraisal and Evaluation Guidelines require that financial institutions have an Appraisal and Evaluation Program that provides for:

independence of persons ordering

Independence of persons ordering, performing, and reviewing appraisals or evaluations.

FICRAS service firewalls ensure the loan production department and appraiser cannot interact. The appraiser never knows who within the financial institution's production group is requesting an appraisal and likewise, the production group never knows who the appraiser is until the final product is completed and delivered for distribution to the parties having a need to know. The FICRAS service system assures appraiser independence.


 performance monitoring

Selection and performance monitoring of appraisers/evaluators.

FICRAS provides the financial institution a means of establishing an independent appraiser panel, in addition to providing a method of confirming the qualifications of the appraiser upfront and monitoring the appraiser qualifications and performance over time. Each appraiser panel is unique to the financial institution, however, links allow for monitoring of state certification, E&O insurance and professional membership. Additionally, the system includes a rating system on each valuation product received by the institution.
compliance

Compliance with appraisal regulations of all Agencies

From order creation through engagement, review and delivery of the appraisal product to end users, your FICRAS system provides you the appropriate solution in compliance with the requirements of all regulatory agencies. FICRAS puts compliance control in your hands while maintaining up to the minute information enabling rapid adjustment in the ever changing compliance environment.


 methods of valuation

Methods that ensure the valuation product contains sufficient information to support the credit decision.

FICRAS provides financial institutions a method of creating policy and procedures that are client specific based upon the risk levels of each institution. The management system feeds from the parameters set by each bank. For example, the level of appraiser inspection, the appraisal product and level of review may be dependent upon the loan amount. FICRAS interacts with the policy and procedures to ensure compliance in ordering the appropriate product and appropriate level of product review.