FNC Inc.

FNC, Inc. was the first company to create real estate collateral information technology.[1] FNC uses collateral management platforms and collateral-focused data and analytics to provide information into the property backing a loan from origination to capital markets.[2]

FNC, Inc.
TypePrivate
IndustryMortgage Technology
HeadquartersOxford, Mississippi
Key people
Bill Rayburn, Chairman, CEO, Co-Founder, John D. Johnson, Technical Scholar, Co-Founder, Bob Dorsey, Chief Data/Analytics Officer, Dennis Tosh, Chief Administration Officer
ProductsCollateral Management System, FNC RPI
Number of employees
330
Websitehttp://www.fncinc.com

History

Bill Rayburn[3] and Dennis Tosh, former University of Mississippi professors, used to operate a business called Seminars, Inc.[4] They both advised lenders and state banking organizations on how to apply the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).

Rayburn and Tosh discussed building FNC's system with fellow professors Bob Dorsey[5] and John D. Johnson and Ph.D. student Duncan Chen. After deciding to go ahead with the project, they needed three years to complete their platform. The university provided support for the company, and Mississippi investors helped put the company on solid ground. FNC's first client was Charter One Financial in Cleveland, Ohio, who purchased FNC software in 1999.[6]

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

FNC has made Inc.com's list of fastest growing private companies multiple times, most recently in 2008.[7]

In April 2008, FNC sponsored the Oxford-Lafayette Fields. The name of the facility changed to FNC Park at Oxford-Lafayette Fields.[8]

Services

FNC provides three different services: platforms, ports, and products. FNC introduced its Residential Price Index in 2010.

Platforms

The original platform designed by FNC is the Collateral Management System (CMS).[9] The CMS takes information from the collateral side of mortgage lending and delivers the information in an online, secure format.[10] CMS is protected by Cybertrust, a security services company. In July 2013, FNC premiered the FNC Clean Room, a new web-based platform that allows banks and investors to buy and sell mortgages.[11]

Ports

FNC's ports, or web-based worksites, provide a link to FNC's services for different industries. They allow different industry sectors a safe, efficient portal to exchange information with lenders and vendors. FNC operates four different ports: AppraisalPort, InspectionPort, TitlePort and DocuHarbor.

Products

FNC has a wide range of products. Many of these products are available through CollateralDNA, a service that works to provide a full view of the mortgage collateral process.[12] The products include: GAAR, Appraisal Score, QC Vigilance, Property Scan, Easy Price Opinion (EPO),[13] Valuesight, Appraiser Report, Market Report, Market Statistics Monitor, Market Trend Monitor, and Data Express.

Indices

FNC's Residential Price Index,[14] which is based on data collected from public records blended with data from real-time appraisals of property and neighborhood attributes, is the mortgage industry's first hedonic price index for residential properties.[15] A hedonic approach is based on a holistic view of all the data available.[16]

The RPI is constructed to gauge price movement among non-distressed home sales, and excludes sales of foreclosed properties.[17]

Clients

Some of FNC's clients include Countrywide (LandSafe), Wells Fargo, SunTrust Bank, BancorpSouth, First Horizon, Union Bank of California, Quicken Loans, TitleSource, Frost National Bank, Equity Solutions, Cimarron Mortgage Company, ARC, Axia Financial, LLC, BankPlus Mortgage Center, Cunningham & Company, Equity Solutions, Nationstar Mortgage, and PMH Financial.

Locations

FNC has been headquartered in Oxford, Mississippi since the company was first established. There are satellite offices in Dallas, Texas,[18] Costa Mesa, California, Detroit, Michigan, and Sao Paulo, Brazil.[19] FNC has technical staff at different client locations as well as telecommuters working from home offices all over the country. All combined FNC employs around 330 people.[20]

Management
  • Bill Rayburn: Chief Executive Officer, Chairman of the Board, FNC Co-Founder
  • Dennis Tosh: Director of Investor Relations and Vice-Chairman of the Board, FNC Co-Founder
  • Robert Dorsey: Executive Vice President of Data and Analytics, FNC Co-Founder
  • John D. Johnson: FNC Co-Founder, Technical Scholar
  • Glen Evans: President
  • Duncan Chen: Chief Technology Officer
  • Bill Caldwell: Director of Human Resources

References
  1. http://msbusiness.com/2011/09/rayburn-named-to-board/
  2. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=1534882
  3. http://www.fncinc.com/Media_Library/Files/Public/Articles/Bill's%20Mortgage%20Banking%20Interview.PDF
  4. http://www.technologyalliance.ms/pointe-innovation/view.php?entryID=664%5B%5D
  5. http://thehousinghelix.blogs.millersamuel.com/2010/11/18/interview-robert-dorsey-chief-data-and-analytics-officer-fnc-co-founder/
  6. http://www.twst.com/notes/articles/act105.html
  7. http://www.inc.com/inc5000/2008/company-profile.html?id=200839800
  8. http://www.oxfordeagle.com/archives/2008/0408/040708-041108/041108/news2.html%5B%5D
  9. "Archived copy". Archived from the original on 2014-01-08. Retrieved 2012-05-22.CS1 maint: archived copy as title (link)
  10. "Archived copy". Archived from the original on 2014-01-08. Retrieved 2012-05-22.CS1 maint: archived copy as title (link)
  11. http://www.housingwire.com/articles/25747-fnc-launches-web-platform-to-buy-sell-mortgages
  12. http://www.prnewswire.com/news-releases/fnc-inc-introduces-collateral-dna-data-and-analytics-for-real-estate-55924077.html
  13. https://www.cnbc.com/id/101184977
  14. https://blogs.wsj.com/developments/2011/12/23/introducing-the-home-price-scorecard/
  15. "Archived copy". Archived from the original on 2013-09-29. Retrieved 2014-01-07.CS1 maint: archived copy as title (link)
  16. http://globaldecision.com/hedonic-price-index.html
  17. http://www.housingwire.com/articles/fnc-home-prices-second-month-april
  18. "Archived copy". Archived from the original on 2010-03-09. Retrieved 2009-07-28.CS1 maint: archived copy as title (link)
  19. "Archived copy". Archived from the original on 2014-01-08. Retrieved 2014-01-07.CS1 maint: archived copy as title (link)
  20. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=1534882
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