FNC launches new product called ‘Clean Room’
by MBJ Staff
Published: July 26,2013
OXFORD – FNC Inc. has unveiled a new product line, a web-based technology platform through which banks and investors can buy and sell mortgages.
Dubbed 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. Additionally, the FNC Clean Room streamlines connections between buyers and sellers.
FNC CEO Bill Rayburn said, “Over the years, we have witnessed inefficiencies in how loans are bought, sold, and transferred between banks and institutions. The FNC Clean Room will help to eliminate those inefficiencies.”
Originators can use the FNC Clean Room to deliver loans to investors, reducing funding times and mitigating the risk of error. Investors can use the FNC Clean Room to extract the data needed from scanned loan files and process defects (“stipulations” or “stips”). Capital Markets entities can use the FNC Clean Room to acquire mortgages, sell mortgages, and securely share mortgage data and documents with their approved due diligence vendors.
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