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FNC Inc.

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FNC, Inc.
Company typeSubsidiary
IndustryProperty technology
Founded1995; 29 years ago (1995)
FounderBill Rayburn
Dennis Tosh
Robert Dorsey
John Johnson
HeadquartersOxford, Mississippi
Number of employees
300
ParentCoreLogic
Websitewww.fncinc.com

FNC, Inc., a subsidiary of CoreLogic, provides data to the real estate industry.

Its Collateral Management System (CMS) provides secure information regarding mortgage loans. FNC's ports, or web-based worksites, provide companies in various industries an efficient portal to exchange information with lenders and vendors. FNC operates four different ports: AppraisalPort, InspectionPort, TitlePort and DocuHarbor. CollateralDNA is a service that works to provide a full view of the mortgage collateral process.[1]

History

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FNC was founded in 1995 by Bill Rayburn, Dennis Tosh, Robert Dorsey and John Johnson, then finance professors at the University of Mississippi and financial consultants, who recognized a need to manage collateral assets in mortgage transactions. It was funded by local investors.[2][3][4]

The university also provided support for the company. In 1999, the company signed its first major client, Charter One Financial based in Cleveland, Ohio.[5]

The original name of the company was Financial Neural Computing. The company's focus changed and the name was changed to FNC.[6]

In 2008, FNC was on the list of fastest growing private companies by Inc.[7]

From 2008 to 2019, FNC sponsored the Oxford-Lafayette Fields.[8] During this sponsorship, the sports complex was renamed to "FNC Park".

In August 2009, the company announced integration with DartAppraisal.com.[9]

In September 2010, FNC introduced its Residential Price Index, a benchmark for home values.[10][11] It was based on data collected from public records blended with data from real-time appraisals of property and neighborhood attributes and the mortgage industry's first hedonic price index for residential properties.[12] A hedonic approach is based on a holistic view of all the data available. It is constructed to gauge price movement among non-distressed home sales, and excludes sales of foreclosed properties.[13]

In July 2012, the company partnered with Valued Veterans.[14]

In November 2012, the company announced a partnership with Cetip, a Brazilian company, with plans to add 100 jobs.[15] In March 2013, the company opened an office in Brazil.[16]

In July 2013, FNC launched the FNC Clean Room, a web-based online marketplace for mortgage loans.[17][18]

In December 2015, CoreLogic agreed to acquire the company for $475 million. The sale created 45 millionaires.[19][20] The transaction was completed in 2016.[2][21] At that time, the home value index was discontinued.[22]

During the acquisition in 2016, the FNC Clean Room was spun off into a separate company called mTrade (Mortgage Trade).[23]

References

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  1. ^ "FNC's CollateralDNA.com Offers Fast Access to Real Estate Information". FNC. March 26, 2009.
  2. ^ a b Jeff, Tony (May 12, 2016). "Oxford's FNC sold to Corelogic for $500 million". The Clarion-Ledger.
  3. ^ "Bill Rayburn, Chief Executive Officer, FNC Inc" (PDF). Mortgage Banking. March 2009.
  4. ^ Hicks, Ed (July 2, 2001). "Mortgage information firm forms partnership". American City Business Journals.
  5. ^ Elliott, Jr., Charlie (November 2004). "FNC, Inc and Bill Rayburn are Busy Connecting Appraisers and Lenders (Part One)".
  6. ^ "Ole Miss Alumni Review: Industry Innovators". Hotty Toddy. October 5, 2017.
  7. ^ "On The Fast Track" (PDF). Business First. 2008.
  8. ^ Thompson, Jake (September 5, 2019). "mTrade to become new naming rights sponsor of FNC Park". The Oxford Eagle.
  9. ^ "DartAppraisal.com announces integration with FNC Mortgage Technology Company". NationalMortgageProfessional.com. August 26, 2009.
  10. ^ "FNC INDEX SHOWS 10 CITIES WITH APPRECIATED HOME VALUES". Ris Media. October 10, 2010.
  11. ^ Trilling, David (January 9, 2017). "Housing prices and affordability: Where to find data". Journalist Resource.
  12. ^ "FNC Index Indicates Improving Trends in Underlying Home Value" (Press release). GlobeNewswire. May 18, 2011.
  13. ^ Huseman, Jessica (June 25, 2012). "FNC: Home prices up for second month in April". Housing Wire.
  14. ^ "FNC(R) Partners With Valued Veterans" (Press release). Globe Newswire. July 5, 2012.
  15. ^ Epley, Cole (November 1, 2012). "Oxford-based mortgage tech firm FNC to add 100 jobs". American City Business Journals.
  16. ^ Epley, Cole (March 27, 2013). "Oxford-based FNC Inc. opens office in Brazil". American City Business Journals.
  17. ^ "FNC launches web platform to buy, sell mortgages". Housing Wire. July 24, 2013.
  18. ^ Sposito, Sean (July 24, 2013). "FNC Launches Online Marketplace for Mortgages". American Banker.
  19. ^ Arnold, Ed (December 21, 2015). "CoreLogic buys Mississippi software maker for $475M". American City Business Journals.
  20. ^ "CoreLogic to Acquire FNC, Inc" (Press release). PR Newswire. December 17, 2015.
  21. ^ "CORELOGIC REPORTS FIRST QUARTER 2016 FINANCIAL RESULTS" (PDF) (Press release). CoreLogic. April 20, 2016.
  22. ^ Hilaman, Megan (January 21, 2020). "Discontinued Data: U.S. subnational - FNC HPI". Economy.com.
  23. ^ Magee, David (March 22, 2017). "Oxford on the Move: Bill Rayburn's MTrade is leaving footprints throughout the entire country". The Oxford Eagle. Retrieved March 8, 2022.
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