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By Rhonda Miller
PBN Staff Writer
OXFORD, Miss. – Mortgage-technology company FNC Inc. has developed a product that creates a Web-based technology platform through which banks and investors can buy and sell mortgages, according to a July 24 press release from the company.
Called the FNC Clean Room, the technology makes loan trading more efficient and transparent by turning the loan file into structured data that can be easily analyzed. “Over the years, we have witnessed inefficiencies in how loans are bought, sold and transferred between banks and institutions,” said Bill Rayburn, CEO of Oxford, Miss. – based FNC, Inc. ”The FNC Clean Room will help to eliminate those inefficiencies.”
The FNC Clean Room is also designed to streamline connections between buyers and sellers, which enables both parties to expand their business and increase revenues
The Clean Room technology does not replace the underwriting and review process, but it is intended to enhance it and make the initial evaluation of mortgage loans more efficient.