By NEMS Daily Journal
Tuesday’s announcement that Oxford-based FNC, Inc., a national leader in mortgage technology, would partner with Brazil’s mortgage industry, further strengthens Northeast Mississippi’s assertion that our region can become a platform for the prosperity-creating advanced technology of 21st century business.
FNC, conceptualized, developed and operating in Oxford, perfected the trademarked Collateral Management System. Seven of the 10 largest American banks are the firm’s clients.
Adding Brazil’s mortgage industry to its portfolio will drive 100 new, high-paying jobs in Oxford. The Brazilian industry is supported by that nation’s sixth-largest-in-the-world economy. CETIP handles the business in Brazil; CETIP is Latin America’s largest depository for fixed-income securities.
In sum, CETIP has links to 15,000 Latin American financial institutions, including the financial services industry for automobile sales in Brazil.
FNC, privately held, has satellite offices in New York, Dallas and southern California. It employs about 310 people.
At Tuesday’s announcement, FNC CEO Bill Rayburn said the company hires people with strong backgrounds in science, technology, engineering and mathematics.
The Brazilian venture is FNC’s first international contract. About 600,000 mortgage evaluations are processed monthly by the firm. Rayburn said he expects the volume, profits and employment all to grow with the CETIP partnership.
The Brazilian economy creates about 1 million mortgages annually; about 10 million are generated in the U.S.
The Bloomberg Business Week website described the new partnership’s sophistication:
“ … FNC’s technology solutions will provide Brazilian banks with a system to manage the collateral valuation process, reduce costs, expedite the lending process, and access loan level data, create an information hub that centralizes the various components of the mortgage process, become the critical link between the various trading partners in the mortgage process and between the primary and secondary markets, ultimately act as an essential infrastructure player for the emerging Brazilian secondary market, by providing information and tools to investors. In addition to its product, the CMS, FNC brings to the table a number of powerful, analytics designed to provide lenders with the details they need to make informed valuation decisions.”
FNC’s work and technology is widely reported, and the new contract with CETIP focuses further invaluable attention on Northeast Mississippi.