Company type | Subsidiary |
---|---|
Industry | Property technology |
Founded | 1995 |
Founder | Bill Rayburn Dennis Tosh Robert Dorsey John Johnson |
Headquarters | Oxford, Mississippi |
Number of employees | 300 |
Parent | CoreLogic |
Website |
www |
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]
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]
Company type | Subsidiary |
---|---|
Industry | Property technology |
Founded | 1995 |
Founder | Bill Rayburn Dennis Tosh Robert Dorsey John Johnson |
Headquarters | Oxford, Mississippi |
Number of employees | 300 |
Parent | CoreLogic |
Website |
www |
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]
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]