MCT, Fannie Mae Partner To Improve Best Execution
Mortgage Capital Trading Inc. (MCT) and Fannie Mae are partnering to deploy new technology and improve collaboration in order to deliver better service to their mutual clients.
Through this new partnership, MCT will be able to connect to live Fannie Mae pricing for real-time distribution to mutual clients within the MCTlive! platform.
This connectivity allows for timely best-execution analysis and faster execution for Fannie Mae sellers.
This technical integration is the first step in a road map of continued developments intended to provide distinct and tangible benefits to Fannie Mae-approved lenders.
As additional benefits, MCT clients will receive a reduction in Fannie Mae application and reactivation fees, as well as opportunities for direct interaction with key Fannie Mae personnel at MCT exclusive events.
“MCT and Fannie Mae have worked well together for many years in an unscripted relationship of mutual respect and client convenience,” said Ben Itkin, managing director at MCT, in a release. “This strategic collaboration puts a more formal and intentional direction to our collaboration.
“The fee reductions Fannie Mae has offered to MCT clients, while obviously a great benefit, only represent a single component of the overall value gain to be enjoyed by our mutual clients,” Itkin added.
Mid America Purchasing E-Notes Through Its Correspondent Channel
Mid America Mortgage Inc. is now purchasing e-notes for mortgages closed electronically from approved sellers through its correspondent lending channel.
“After implementing e-closings and e-notes in our retail channel, we immediately saw their potential to improve liquidity for smaller market players, especially brokers seeking to transition into mortgage banking, and we wanted to incentivize the market to adopt e-closing and e-notes by providing a secondary market channel for these types of loans,” said Jeff Bode, owner and CEO of Mid America Mortgage, in a release. “By utilizing e-closings and e-notes, lenders can decrease turn times on their warehouse line to 48 hours or less, which, in turn, reduces the amount of per-loan interest and fees they are charged by the warehouse bank.”
To give participating lenders added confidence that e-closed loans will be purchasable, Mid America has established relationships with several e-warehouse lenders, including FirstFunding and Merchants Bank of Indiana, the company states in its release.
“We are excited about the marketplace enhancements made possible via a well-planned e-note strategy,” added Jim Dunkerley, founder and president of FirstFunding. “Mid America is dedicated to the development of strong e-note standards for itself and its correspondent lenders.”