Altisource Portfolio Solutions has launched a new mortgage trading platform dubbed noteXchange.
The secondary market trading platform brings buyers and sellers together in a centralized exchange that enables better communications, shorter sales cycles and automated processes, the firm says in a release.
The platform is designed, in part, to replace today’s inefficient, manual and often-risky process of transacting through spreadsheets and email. By moving mortgage trading to a secure online platform, buyers and sellers gain a more intuitive, Web-based interface the gives them the ability to more efficiently and effectively manage their secondary market activity.
noteXchange enables sellers to expedite trading by mapping loans to uniform templates and easily managing the distribution to multiple buyers in one place. This provides loan investors with access to greater loan volume and variety, creating a centralized platform where all users can benefit, Altisource says.
Through a relationship with Thomson Reuters, noteXchange also provides real-time pricing data. This helps facilitate faster trading based on more informed bids.
Bryan Binder, co-lead for Altisource Origination Solutions and CEO for Lenders One, a national alliance of independent mortgage bankers, says the firm worked closely with various buyers and sellers in developing the platform.
“The beta phase consisted of more than 40 participants, whose direct feedback helped shape the technology we are offering today,” Binder says in the release.
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