FNC Inc.

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

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

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

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
  1. "FNC's CollateralDNA.com Offers Fast Access to Real Estate Information". FNC. March 26, 2009.
  2. 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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