Mortgage technology company FNC announced Tuesday a browser-based platform that can shepherd banks and investors through the buying and selling of home loans.
The Oxford, Miss., company said the system, Clean Room, can simplify the loan trading process by structuring loan data and letting users analyze that information efficiently. The platform also better connects buyers and sellers, FNC said.
Clean Room, FNC cautions, does not replace the underwriting and review process.
"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 chief executive Bill Rayburn, in a press release. "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."