LoanMLS Inc., a non-auction, online mortgage loan and loan pool exchange that charges a transaction fee and not a commission to transact business, has announced that it has registered more than 7,500 members since it first opened for business in August of 2009. “We started this company without any exchange members—but with an idea to improve the prices that investors received for their loans—and the idea has been well-received, despite difficult market conditions, because it works exceedingly well,” said Martin Goodman, founder and president of LoanMLS. “The exchange proves its value to members quickly—and that’s why it has attracted thousands of committed users.”
The aim of the exchange is to make the process of purchasing, of selling, or of funding all types of loans and loan pool assets in the secondary market easy, quick and profitable.
The growth of the exchange is the result of sellers who recognize that they can sell their mortgage paper for more money on this exchange than through traditional methods. That’s because sellers can divide loan pools into individual loans. The amounts are smaller, so there are more buyers who can purchase the loans, and that drives up prices.
Another reason for the higher prices is that sellers reach a broader audience of national and local buyers—and that means more bids, for more money, then they would have received away from the exchange.
For more information, visit www.loanmls.com.