Improves profits for loan sellers; lowers costs for loan purchasers
San Francisco, CA – January 17, 2018 – SecondaryWire, Inc. today announced general availability of a new version of its online trading platform for the secondary mortgage market.
The platform allows loan sellers to post basic loan details – loan amount, interest rates, property location, loan purpose, credit ratings, etc., where lenders can search for loans that meet specific portfolio requirements and connect with brokers anywhere in the U.S., without the expense of having to open branches or adding loan officers.
“The latest upgrade lets brokers to enter loans in less time, with more accuracy, and receive the best price for their loans. Enhancements to the search function make it easier to find loans that meet specific criteria,” said Larry Mullen, Co-founder and CEO. “SecondaryWire delivers seamless trades that support the needs of both sides of a wholesale transaction, without disrupting existing relationships.”
“SecondaryWire was created by people who worked in the wholesale market, understand how it works, and saw ways to improve it,” said Mullen. “We have the expertise to build a scalable, easy to use, sophisticated trading platform that lets our members complete more trades and increase their profits.”
Based in San Francisco, CA, SecondaryWire applies modern cloud application technology to the needs of the wholesale mortgage market. Our unique model brings natural buyers and sellers together and enables them to efficiently negotiate secondary mortgage transactions without intermediaries. Institutional members can trade large pools or individual loans with unprecedented ease. Loan sellers increase liquidity and availability of funds while loan purchasers enjoy dramatically reduced costs of origination. The end results are formidable: both parties increase funding volume, decrease costs, and thus, boost overall profitability. www.secondarywire.com