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Loan Trading Platform Launches

FNC Clean Room promises more efficiency

July 23, 2013

By Mortgage Daily staff

An online platform to buy and sell home loans has been unveiled. The new product promises to eliminate inefficiencies.

The FNC Clean Room converts loan files into easily analyzed structured data, FNC Inc. announced Tuesday. Streamlined connections reportedly enable buyers and sellers to expand business.

Mortgage files and data can be securely transferred between buyers and sellers, according to FNC. The service also provides access to the file for the life of the loan.

By increasing efficiency on loans delivered to investors, originators reduce fundings times and mitigate the risk of error, the Oxford, Miss.-based company said.

Investors, on the other hand, can more efficiently extract data from scanned files and process defects -- or stipulations.

Capital markets entities can use the new service to acquire and sell loans as well as securely sharing mortgage data and documents with due diligence service providers.

Included with the offering is the ability to extract data from the "signed" scanned loan file into MISMO and ULDD formats.

The service also automatically identifies required documents that are missing from the loan file and applies validation rules that automatically identify loan defects, the news release said.

"Over the years, we have witnessed inefficiencies in how loans are bought, sold, and transferred between banks and institutions," FNC Chief Executive Officer Bill Rayburn said in the statement. "The FNC Clean Room will help to eliminate those inefficiencies."

FNC Managing Director of Mortgage Trade Clark Love noted that some clients have already begun utilizing FNC Clean Room. These clients are able to complete 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 said.

He added that the service provides the transparency required by both the current regulatory environment and mortgage investors.

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