Mortgage technology company FNC, Inc. premiered a new web-based platform that allows banks and investors to buy and sell mortgages.
The FNC Clean Room smoothes the loan trading process, along with transforming the file into structured data that can be easily analyzed. Furthermore, the new platform can be used to acquire mortgages, sell mortgages and securely share mortgage data and documents, the company explained.
The products give users the ability to extract data from a loan file, placing it into industry standard formats, automatically identify missing required documents of a loan file and identifying defects in a loan.
"Up to this point, FNC has developed great software and analytical tools for evaluating loan collateral, and the FNC Clean Room will apply those same skills and experiences to the entire loan," said FNC CEO Bill Rayburn."