FNC Origins

In the mid-1990s, former University of Mississippi professors and mortgage industry experts Bill Rayburn and Dennis Tosh were educators and consultants to lenders and state banking organizations, counseling them on conforming to regulatory guidelines by applying the Financial Reform, Recovery and Enforcement Act (FIRREA).

Building on that foundation, Rayburn and Tosh collaborated with fellow professors Bob Dorsey and John D. Johnson as well as Ph.D. student Duncan Chen to develop the real estate collateral management software that would eventually become today’s Collateral Management System® (CMS®). The nation’s major lenders now use CMS to help ensure regulatory compliance and mitigate risk.