MIAC Analytics, a provider of pricing, risk management, and accounting solutions for the mortgage and financial service industries, is now integrated with Fannie Mae’s Mission Score application programming interface (API) and Mission Score 2 and 3 product grids.
Fannie Mae has designed its Mission Index framework to support its goal of providing affordability, liquidity, and stability to the housing market. The framework will aid mortgage lenders and investors in identifying valuable lending opportunities with the potential for significant social impact.
With this API, lenders can identify mission-oriented lending prospects, aiding in informed decision-making for best execution in secondary market transactions.
By providing loan-level Mission Index information and associated pricing, the Mission Score API helps mortgage originators to increase margins and pass along improved borrower pricing using MIAC software.
“MIAC believes that it is one step ahead when it comes to finding better executions for our clients,” says Fuad Nasir, director of secondary solutions at MIAC, in a release. “Industry estimates are that 15-20% of production will go into mission bonds. In a world where everyone is chasing basis points, this may enable clients to realize some additional pickup.”
To utilize the Mission Score API, MIAC clients need to share a handful of additional felds from their loan origination system (LOS) or pull using their LOS integration. The API response is the Mission Score, which is used to price loans in MIAC’s pricing and hedging software.
Depending on the score and rate, the MIAC Trade Desk has been observing an additional price improvement of 20-90 bps relative to vanilla product.
Photo: Jonny Gios