Resitrader Inc., which operates an online exchange for whole loan trading in the secondary mortgage market, has completed connectivity of its digital pricing and commitment platform with Freddie Mac.
The streamlined interface with Freddie Mac enables participants to quickly and efficiently obtain loan-level pricing on Freddie Mac-eligible loans, including the full array of loan characteristics that qualify for “specified pay-ups,” Resitrader says in a release.
Resitrader users can compare Freddie Mac pricing with alternative executions, such as bulk bids.
Resitrader’s platform also enables the commitment to Freddie Mac of loans that qualify for “specified pay-ups” – and Freddie Mac uses Resitrader to communicate trade confirmations directly back to the user.
Resitrader developed the transaction capability with Freddie Mac during a pilot program with market participants and is now expanding its capabilities to a broader base of Freddie Mac seller/servicers.
“Our participation on the Resitrader platform allows Freddie Mac to offer our customers an additional way to obtain and compare loan pricing to support their best execution decisions,” says Tim Kitt, vice president of pricing and analytics at Freddie Mac, in a release. “Customers will also be able to manage and complete their trades on the Resitrader platform for added efficiencies.”
This integration will help users quickly identify best pricing options through Freddie Mac pay-up grids and simplifies the commitment process.
“Resitrader’s integration enables me to swiftly compare live quotes and complete pricing from Freddie Mac against all of my execution options,” says Mike Peterson, executive vice president of secondary marketing at Skyline Financial in Calabasas, Calif.
“I’m finding more loans that get pay-ups with Freddie Mac than I did previously, and that’s increasing the share of loans I sell to them,” adds Joe Keel, senior vice president of secondary marketing at Florida Capital Bank Mortgage.
