Mortgage Capital Trading (MCT) has launched new integrations with Fannie Mae’s Mission Score application programming interface (API) and Mission Score 2 and 3 product grids.
In a release, MCT says the integrations provide better transparency and pricing for mortgages aligned with Fannie Mae’s mission objectives.
The Mission Score API and product grids provide a loan-level Mission Score and associated pricing to mortgage originators, who may improve margins or pass through better borrower pricing using MCT technology.
MCT, which claims to be the first to integrate with the API, has a long history of empowering mortgage market participants to optimize their business, and these latest integrations increase the granularity of pricing that Fannie Mae provides sellers on MCT Marketplace – the largest mortgage asset exchange for the U.S. secondary market.
“Fannie Mae changed the market back in 2016 by bringing spec programs to the cash window, putting lenders in a position where they could take the pay-ups and push them through as more competitive pricing for the borrower,” says Phil Rasori, chief operating officer for MCT, in a release. “Now, Fannie Mae has done it again by pushing forward the Mission Score pay-ups available on the securitization side toward front-end borrower pricing.”
For mutual clients, pricing from the new API and product grids are integrated seamlessly into the best execution analysis, commitment, and delivery processes in MCT Marketplace.
Lenders using the new MCT Base Rate Generator can leverage the Mission Score products to directly inform and generate their front-end borrower pricing.
“The Mission Score API and Mission Score product girds are Fannie Mae’s latest solutions intended to support affordable homeownership opportunities and promote mission-based financing to qualified borrowers,” says Pete Skarnulis, single-family business account management solutions – vice president at Fannie Mae. “Through close partnership and collaboration with our industry partners, we’re able to introduce innovative solutions to the market at scale, helping to promote positive change across the mortgage industry.”