Optimal Blue has announced
its acquisition of Resitrader, an online exchange for whole loan trading in the secondary mortgage market. With this deal, the companies stated they were creating “the mortgage industry’s largest mortgage loan trading platform.”
The financial terms of the acquisition were not made public, but the Resitrader personnel—including CEO John Ardy and CIO Seever Sulaiman—are slated to join the Optimal Blue team upon the closing of the transaction. Headquartered in Plano, Texas, Optimal Blue said this acquisition will enable it to support $750 billion of transactions each year across its Digital Mortgage Marketplace, including nearly $600 billion of rate locks processed through its product and pricing engine and more than $150 billion of transactions through its hedging solution.
“Two years ago, Optimal Blue set out to build a Digital Mortgage Marketplace that facilitates transactions between originators, investors, and the providers both use. This acquisition is another key step in that journey,” explained Scott Happ, CEO of Optimal Blue. “Resitrader is the clear market leader in bringing efficiency, transparency, and security to a critical and expanding segment of the mortgage market, and we are excited to offer this innovative solution to our clients.”
Resitrader was founded in 2015 and is headquartered in Calabasas, Calif.