Platform supports true “best execution” across all delivery options
June 15, 2016 – Los Angeles, CA – Resitrader, Inc., a Calabasas, California-based provider of whole loan mortgage trade management software, announced that more than $1 billion in loans have been presented and delivered on its mortgage trading platform since its introduction late last year.
“This really demonstrates the power of the platform,” said John Ardy, Resitrader’s CEO. “Our sellers like the fact that loans are delivered either to external bidders or to standard execution models. And our buyers love the loan-level trade color,” which is the pricing spread for each loan transacted on the platform.
Resitrader’s platform debuted last October and now has more than three dozen active participants. More than 200 trades have been completed since live trading began, including loans insured by Fannie Mae, Freddie Mac and Ginnie Mae as well as jumbo mortgages, Ardy said. He expects Community Reinvestment Act-eligible mortgages to start trading soon.
“We’re off to a good start, and we have a lot of room to grow,” he said. “The platform design is proven, and executions have been very satisfactory to both buy and sell sides. We hope to become the industry’s central hub for whole loan execution.”
Before Resitrader introduced its platform last year, mortgage loan trading was largely done through email, which is both insecure and inefficient. In contrast, Resitrader automatically normalizes loan data so buyers can easily search for loans by investment criteria and loan type. That also enables Resitrader to provide the most accurate loan pricing available because each loan is priced individually based on its own detailed and exact information.
Resitrader’s platform automates many activities currently supported through spreadsheets and makes it simple for buyers and sellers to communicate in real time, notify each other of loan pools they wish to trade, exchange loan data, document and price information, and settle transactions easily. As a result, trading speed has been reduced from several hours to a few minutes. Users are also able to directly integrate their pricing tools, loan origination systems and service providers into the platform.
Resitrader, Inc. is a Calabasas, California-based provider of whole loan mortgage trade management software. Its whole loan platform enables loan originators, banks, servicers, brokers and financial advisors to exchange loan data, documents and pricing information in order to buy and sell whole loans. The system enables multiple buyers and sellers to offer, bid and transact simultaneously, and includes an easy-to-use trade settlement process. For more information, visit www.resitrader.com.