SecondaryWire Inc., a regulatory compliant platform designed to execute wholesale mortgage transactions through the Internet, has completed the development of its trading platform. “We’ve completed a cutting-edge technology, that ensures that brokers receive the best price for their loans and enables lenders to dramatically reduce the cost of acquiring loans and increase their profits,” said Katherine Chalmers co-founder and executive vice president of marketing for SecondaryWire, Inc. “Our aim was a trading platform that addressed the needs of both sides of a wholesale transaction—without forfeiting existing relationships—and we achieved that goal.”
Brokers are able to maximize the number of bids they receive for a loan, increasing the price that is paid for it; lenders are able to purchase loans from anywhere in the U.S., without the expense of having to open branches or adding loan officers.
“SecondaryWire was designed with the requirements of the wholesale market in mind by people who worked in the arena, understand the market, and knew how to improve it,” said Chalmers. “That’s why we were able to build a flexible, easy to use trading vehicle through which members can capture efficiencies, and increase profits on behalf of our members.”
Some of the benefits that members derive from SecondaryWire are as follows:
►Membership is free.
►Risk is reduced because brokers have access to more lenders on the site than off, so loans that would otherwise have been declined are funded.
►Users realize one of the lowest cost to originate loans in the business because they won’t need to hire additional loan officers or rent office space for branches.
►Lenders who are active on the site benefit from a steady flow of loans and that enables them to forecast and maintain their loan volume.
►Participants gain from the increase in the number of transactions and the improved profits from transactions.