Mortgage Capital Trading Inc. (MCT)
has announced that it has gained unprecedented industry-wide technology adoption among the investor aggregator community. MCT officially unveiled the Bulk Acquisition Manager (BAM) within its capital markets software platform, MCTlive!, in July of this year.
BAM centralizes and streamlines the entire process of packaging and securely transferring whole loan information and bids. The technology provides a Web interface that enables lenders’ bid tapes to be securely and efficiently delivered to approved buyers following best execution analysis in a centralized repository.
“We initially developed BAM to address the Nonpublic Personal Information (NPI) security risk associated with transmission of bulk bid tapes via e-mail, but the efficiency gains and improved market color for both counterparties drove rapid adoption,” said Phil Rasori, Chief Operating Officer of MCT and Architect of BAM. “MCT represents 30 to 40 percent of approved sellers for the average correspondent investor with about 1,200 bid tapes flowing through BAM every day. BAM is raising the bar for other bid tape management solutions, with one major investor already leveraging BAM to serve as their database of record for bulk bid tape transactions. BAM is well on its way to becoming the de facto standard in the mortgage industry.”
BAM includes tiered user administration, putting decision-making about access to transaction data in the hands of lender clients and their investors.
To make BAM’s functionality conveniently integrate with existing processes, MCT established two different methods for investors to securely transmit bid tape files. This can be done by accessing MCTlive!’s secure browser-based user interface or via a Restful API (Application Programming Interface) which enables MCT to integrate with various loan exchange platforms and homegrown investor systems. To date, nearly all investors have elected to use MCTlive! due to its extreme ease of use, built-in metrics, and robust user administration.