FNC Rolls Out New Loan Trading Platform

Posted by Patrick Barnard on July 24, 2013 No Comments
Categories : Residential Mortgage

Mortgage technology company FNC Inc., known for its analytical tools for evaluating loan collateral, has introduced a new Web-based technology platform that enables loan originators, banks and mortgage investors to more easily buy and sell mortgages and transact business.

The new platform, called FNC Clean Room, makes loan trading more efficient and transparent by turning the loan file into structured data that can be easily analyzed, the company said in a release.

FNC Clean Room facilitates secure transfer of mortgage files and data between buyers and sellers. It also allows for the extraction of data from "signed" scanned loan files into industry standard (MISMO/ULDD) formats. What's more, it automates the identification of missing required documents in loan files and automatically applies validation rules to identify defects.

‘Over the years, we have witnessed inefficiencies in how loans are bought, sold and transferred between banks and institutions,’ said Bill Rayburn, CEO of FNC. ‘The FNC Clean Room will help to eliminate those inefficiencies.’

With FNC Clean Room, originators can more efficiently deliver loans to investors, reducing funding times and mitigating the risk of error. Meanwhile, investors can use the platform to efficiently extract the data needed from scanned loan files and process defects. Further, capital markets entities can use the software to acquire and sell mortgages, as well as securely share mortgage data and documents with their approved due diligence vendors.

Clark Love, managing director of MortgageTrade, the division of FNC responsible for the FNC Clean Room product line, said some clients have already been using the platform on a trial basis. He said those clients ‘are experiencing numerous benefits, such as bulk dispositions of performing and non-performing loans.’

‘Others are using it to acquire loans from correspondent banks or to sell jumbo loans to capital markets investors,’ Love added.

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