LendingQB Integration with MCT Bid Auction Manager Improves Secondary Marketing Processes for Mutual Clients
Costa Mesa and San Diego, CA — LendingQB and Mortgage Capital Trading (MCT) announced today an integration between the LendingQB loan origination platform and the new Bid Auction Manager (BAM) technology within the MCTlive! secondary marketing software platform. Combining the two systems enables mortgage lenders to utilize a pure digital ‘closed loop’ secondary marketing process, drastically reducing time and cost while improving loan sale profitability.
BAM is a powerful new bid tape management technology designed by MCT Chief Operating Officer and industry veteran, Phil Rasori. BAM migrates the bidding and selling of loans to investors out of unsecure emails and into a convenient platform, eliminating the time and effort needed to manually collect, analyze, and commit loan sale executions. "BAM provides a better way for lenders to manage their bid tapes and achieve best execution. The secure bidding portal lets investors communicate instantly with lenders, completely eliminating exporting and emailing of bid tape spreadsheets. Using BAM, secondary can easily solicit bids from every single investor they work with, increasing the opportunity to sell loans at a better price," said Tom Farmer, Managing Director at MCT.
The significance of BAM is clear when combined with the LendingQB loan origination platform. Loans are initially priced using LendingQB's Total Decision Engine (TDE), an automated underwriting and loan pricing engine built into the overall LOS platform. TDE ensures that loans are locked at an accurate price and efficiently tracks the progress of loans as they proceed toward funding in LendingQB. LendingQB sends pipeline data into MCTlive! continuously throughout the day, allowing secondary managers to see exactly how their pipeline changes which results in a more transparent and accurate hedge.
"I know exactly where my hedge position is because LendingQB and MCTlive! are integrated and up-to-date," said Timothy Ieyoub, SVP of Capital Markets at Eustis Mortgage. "It gives me a real-time view of our pipeline with a real-time view of the markets. I can adjust my position as many times as I need to, especially considering the recent market volatility."
Once bids are analyzed and investors are chosen, commitment data recorded in Bid Auction Manager (BAM) is automatically sent back into the LendingQB LOS. "Being able to bring commitment data back from MCTlive! into LendingQB is a huge time saver for us," said Ieyoub. “We save two to four hours every time we do loan sales. The convenience of communication and analysis has encouraged us to send bid tapes to our full set of investors more often rather than just the top tier, resulting in a surprising pickup in some cases. We used to bid out on a fifteen-day delivery, but now we’ve reduced that to seven-day.”
"LendingQB and MCT are changing the way that secondary marketing is done," said David Colwell, Vice President of Strategy at LendingQB. "We now have the ability to manage a 'closed loop' secondary marketing process: originate, price, lock, execute trades and then store the commitment in an entirely digital fashion. Lenders and investors are able to communicate and respond to each other quickly and accurately. This is the future of secondary marketing."
Lenders interested in learning how this new integration can improve their secondary marketing processes are encouraged to request a demonstration.
Founded in 2001, Mortgage Capital Trading, Inc. (MCT) has grown from a boutique mortgage pipeline hedging firm into the industry’s leading provider of fully-integrated capital markets services and technology. MCT offers an array of best-in-class services and software covering mortgage pipeline hedging, best execution loan sales, outsourced lock desk solutions, MSR portfolio valuations, business intelligence analytics, mark to market services, and an award-winning comprehensive capital markets software platform called MCTlive! MCT supports independent mortgage bankers, depositories, credit unions, warehouse lenders, and correspondent investors of all sizes. Headquartered in San Diego, California, MCT also has offices in Philadelphia, Santa Rosa, Los Angeles and Dallas. MCT is well known for its team of capital markets experts and senior traders who continue to provide the boutique-style hands-on engagement clients love. For more information, visit https://mct-trading.com/ or call (619) 543-5111.
LendingQB is a provider of Lean Lending solutions. The Lean Lending solution consists of a 100 percent web browser-based, end-to-end mortgage loan origination system, best of breed integrations with key industry partners and 'adoptimization' services that result in faster cycle times and lower costs per loan. For more information, please call 888.285.3912 or visit www.lendingqb.com.