Corelogic Inc. bought the FNC Inc. for $475 million, thus creating 45 millionares.
Corelogic Inc. announced its acquisition of FNC Inc. for $475 million late Thursday.
CoreLogic is a leading global property information, analytics and data-enabled services provider and FNC, Inc, is a leading provider of real estate collateral information technology and solutions that automate property appraisal ordering, tracking, documentation and review for lender compliance with government regulations.
Bill Rayburn, co-founder of FNC Inc., said this morning the sale and acquisition created 45 millionaires overnight.
“FNC was a moon shot and we are going across the street to a now location and take another moon shot with a company founded a couple of years ago called Mortage Trade,” he said.
Rayburn co-founded the company in the mid-1990s with Dennis Tosh; both were former University of Mississippi professors and mortgage industry experts. They later worked with fellow professors Bob Dorsey and John D. Johnson along with UM Ph.D. student Duncan Chen to develop the Collateral Management System (CMS) that automated appraisal ordering, assignment, tracking and review in one central platform which made the once-lengthy mortgage processing speedy and efficient.
County, regional and state resources have been committed to support the expansion of FNC in Oxford to include a 25-acre campus, FNC Park, located on Highway 7 South. Asked if that development will continue, Rayburn said, “That is not my decision.”
The new company can be found online at MortgageTrade.net.
Oxford mayor Pat Patterson said, “”Core Logic has committed to the FNC project. We’re concerned about the jobs and job security, but I’ve been told that there are no immediate changes to be made for the future.”
John Maynard, the president and CEO of the Oxford-Lafayette Chamber of Commerce and Economic Development Foundation (EDF), said in a phone interview, “The company started with an idea. Those are the things we like to see here. The founders of FNC are even better capitalized now. They have more opportunities to grow more companies. We don’t think this is the end of FNC; we think it’s the start of a new company. We feel that this a very positive move. From a historical point, I think it’s very obvious what they have done. (They had) a huge impact on our community and we’re very thankful on everything they have done.”
In addition, he said in part with an official statement, “We don’t have the details about plans for the Oxford operations. We will work with Core Logic to make certain that the transition is smooth and that the Oxford operations continue to grow.”