Common Wholesale Mortgage Auction Questions
What exactly is SecondaryWire?
SecondaryWire is an online trading platform developed specifically for the wholesale mortgage industry. By leveraging the SecondaryWire, wholesale mortgage lenders, correspondents and retail brokers all benefit profit from improved efficiencies.
Describe how SecondaryWire works?
SecondaryWire works like many other online auction platforms. Loan sellers “post” their loans for sale and wholesale mortgage lenders bid on the loans they want. Loan sellers can set a minimum price and a “buy it now” price and loan buyers can set max bids and timeframes.
What transaction volume threshold do lenders and brokers have to achieve before SecondaryWire makes sense to join?
None, while the very minimal costs for SecondaryWire generally provide a complete return on investment on just one loan, even if the a user never trades loans through the system, the pricing knowledge gained from simply browsing the site can provide value with every visit.
Who is eligible to join SecondaryWire?
SecondaryWire is only available to employees of licensed banks, mortgage lenders and mortgage brokers.
What does it cost to become a member?
Pricing for SecondaryWire is based on a subscription model and is available at the following link (pricing)
How long will it take to learn to use SecondaryWire’s systems?
SecondaryWire was designed with an intuitive user interface and works like most other auction websites in use by millions of users today. So, learning to use SecondaryWire can truly be accomplished in a matter of minutes.
What are the main benefits to mortgage brokers?
- More profits on every loan
- Access to more lenders and programs
- More efficient process for dealing with wholesale lenders
What are the benefits to mortgage lenders
- Access to more loan brokers and sellers
- Improved consistency of loan volume
- More efficient process for dealing with mortgage brokers and sellers
Do brokers or lenders that join SecondaryWire have to stop doing business with their current lenders?
No, brokers and lenders can use the same lenders they’ve used in the past.
Can users meet anonymously on the site and execute trades?
Yes, the level of anonymity is up to the buyers and sellers.
Will most trading partners earn more money transacting business through SecondaryWire than the traditional way of doing business?
Yes, both buyers and sellers increase profits by improving pricing, increasing sales volume and operating more efficiently.
Is there a way to communicate with the other side of the trade when on SecondaryWire?
Yes. SecondaryWire has a full messaging system that allows buyers and sellers to sent questions and answers to on another through the system.
Describe the technology that fuels the platform? SecondaryWire is a proprietary software build using the most secure and robust application technology available.
Are we able to search just for the types of loans we are interested in funding?
Yes, SecondaryWire has complete search and sort capabilities
Is there a secure data repository in which past transactions can be reviewed?
Yes, SecondaryWire does allow users to generate numerous reports
Will users have to change their process flow?