Altisource Portfolio Solutions has announced the launch of noteXchange, a proprietary mortgage trading platform that can help deliver greater efficiency, security and other advantages for mortgage bankers and loan investors.
The noteXchange platform helps address the growing need for a more uniform, compliant, secure and efficient technology solution in the whole loan (mortgage) trading market. Designed to replace today's manual and often risky process of transacting through spreadsheets and e-mail, the platform centralizes trading activity between buyers and sellers and helps safeguard the transmission of data. noteXchange enables sellers to expedite trading by mapping loans to uniform templates and easily managing the distribution to multiple buyers in one place. This provides loan investors access to greater loan volume and variety, creating a centralized platform where all users can benefit.
"We are excited to announce noteXchange as another innovative and proprietary technology to directly benefit our growing network of members, vendors and investors," said Bryan Binder, co-lead, Altisource Origination Solutions and chief executive officer of Lenders One. "We worked closely with various buyers and sellers during the development process to create a product that would make the loan trading process more simple, transparent and secure. The beta phase consisted of more than 40 participants whose direct feedback helped shape the technology we are offering today. This product is another example of how Altisource continues to use technology and innovation to help shape the mortgage market, as well as help Lenders One members increase their profitability."
noteXchange can also facilitate faster trading through a relationship with Thomson Reuters, which provides real-time pricing data to help inform bids made on the platform. The data provided by Thomson Reuters gives buyers the ability to anchor bids to market instruments with 20-second updates so users can continue trading through highly volatile markets and minimize hedging risk.
"This is a further demonstration of our commitment to deliver new and innovative solutions that empower mortgage professionals with the knowledge they need to evaluate risks and identify opportunities," said Adam Quinones, global head of mortgages and ABS, Thomson Reuters, Financial and Risk. "By collaborating with Altisource, we intend to deliver a unique and efficient solution to help our clients drive revenue."