Residential mortgage loan exchange MAXEX recently received a Series B round of venture capital.
The company, which claims it is reinventing the secondary mortgage market by eliminating the inefficiencies, fragmentation and limited market access that have traditionally hampered it, has raised more than $90 million in capital to date.
The investment round was led by AGNC Ventures, an affiliate of AGNC Investment Corp. and included the participation of Moore Asset Backed Fund LP and other repeat institutional and private investors.
AGNC is the largest internally-managed mortgage real estate investment trust and an active investor in residential mortgage assets.
“We know that AGNC will be a great partner and bring enormous value to our business,” says Tom Pearce, CEO and chairman of MAXEX, in a release. “People are looking at what we’re building and our value proposition. It’s very simple. Buyers and sellers sign one standardized legal contract with MAXEX, and either sell loans to a broad universe of investors or buy loans from a broad universe of sellers all while trading with one counter-party – MAXEX.”
To date, MAXEX has traded more than $3 billion of conforming and jumbo loans.
Loans aggregated through its exchange have been securitized through 22 different private label mortgage backed securities transactions.
