OXFORD, Miss. (AP) — A Mississippi software firm will add at least 100 jobs thanks to a Brazilian contract.
FNC, which makes software to streamline mortgage lending, said Tuesday it will do work for Cetip, a Brazilian firm that holds financial securities for others.
FNC's software will help Brazilian banks manage documents, cut costs and help original lenders sell mortgages to others. Selling mortgages expands available credit, because the original bank can turn around and make another loan.
FNC did not release the contract's value. With 310 employees nationwide, FNC said it plans to double in size within five years. It was founded by four University of Mississippi professors.
Mississippi Gov. Phil Bryant spoke at the Oxford ceremony announcing the expansion, but the state did not provide incentives, officials said.